Extreme Weather Decimates Olive Oil Harvests, Causing Prices to Soar to Record Highs
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Extreme weather has decimated olive oil harvests, driving prices to record highs of $9,000 per metric ton. Retail prices in the U.S. are up over 20% in the past 2 years.
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Spain, source of half the world's olive oil supply, reported a 48% drop in production this year due to heat, wildfires and drought.
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Olive oil production estimates are down 25% from last year and the 5-year average. Prices are up 130% from a year ago.
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Other major producers like Italy, Portugal, Tunisia, Morocco, and Greece have also been affected by drought, damaging crops.
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With tight supplies, olive oil is now more valuable than crude oil, leading to increased theft and counterfeiting.