Posted 10/9/2023, 12:33:11 PM
High Olive Oil Prices in Europe to Persist Due to Tight Supplies
- Olive oil prices in Europe will remain high for another year according to EU forecasts
- Production is only expected to be up 9% this season despite drought conditions
- Tight stockpiles have pushed olive oil prices in Spain to record highs, nearly triple the 5-year average
- High prices will likely lead to a 6% drop in EU olive oil consumption this season
- The EU is forecast to export 10% less olive oil compared to last season due to high prices and tight supplies