CIHEAM Press Review

As much of south­ern Europe endures scorch­ing tem­per­a­tures and flash flood­ing, olive oil prices in the main bench­mark mar­kets con­tinue to rise.
Italian extra vir­gin olive oil has nearly reached the price of €7 per kilo­gram. Greek oil has exceeded €6 per kilo­gram, and Spanish oils are approach­ing the same price.
The main cul­prit for the rise in prices is ongo­ing cli­matic dis­as­ters. Due to droughts and enor­mously high tem­per­a­tures in the 2021/22 crop year, olive oil pro­duc­tion in Spain fell by 55 per­cent year-on-year to 660,000 tons.