Spanish olive oil reaches new record-high surpassing USD8,880

2023-08-30 05:41:25

(MENAFN) This happened as Spain, which makes about 45 percent of the olive oil consumed worldwide, prepared for a disastrous second consecutive harvest.

In accordance with Spain's Agriculture Ministry, the country produced over 662,000 tons of olive oil in the 2022–2023 growing season. From the 4-year output average, that is a 54 percent decrease.

The 2023–24 crop, according to growers, has already sustained a significant amount of damage. Spain's main source of olive oil, Andalusia, is still severely affected by a persistent crisis.

“The drought plus the high temperatures that we saw when the olive trees were in flower in almost all olive-growing areas in the country … means we’re headed to another bad harvest, and that is going to cause even more tension in the markets,” Cristobal Cano, the leader of the farmers’ union APA, informed Spanish daily Europa Press.

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