Extreme Weather Drives Olive Oil Prices Up and Production Down
• Production fell 40% in the EU last year due to heatwaves, droughts, and extreme weather damaging olive groves • Prices surged from lower supply and higher costs for farmers from interest rates and fertilizer • Turkey banned olive oil exports to bring domestic prices down, driving prices up elsewhere • Spain saw a spate of major olive oil heists worth hundreds of thousands of dollars • Next year's harvest also looks dire with more drought looming in Spain and damaged trees in Italy