Rising prices throughout Europe bode well for the continent’s olive oil producers, especially the “Big Three”, in Spain, Italy and Greece.
At present, analysts predict that the yield in Spain and Italy will be lower than the previous year, due drought and a lack of water for agriculture production.
Conversely, according to the Commission’s provision forecast, olive oil production in Greece will rise.
The latter country is traditionally the third biggest producer of olive oil in Europe. Yet last year, a whopping 33-percent reduction in domestic yield of the olive crop was recorded; 16 percent in terms of production, all compared to 2020.
At the same time, expected decreases in production in Spain and Italy, for this season, has already increased the price of olive oil reserves.
According to the International Olive Council (IOC), olive oil prices in Greece from May 30, 2022 to June 5, 2022 were 3.30 euros per kilo.
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