MADRID, Spain – Drought in Spain, the world’s largest olive oil producer, is likely to halve the country’s output this year compared with the previous year, official estimates from the European Commission show, pushing prices up.
Only the EU’s third biggest largest producer, Greece, which was not hit by the weather conditions, was expecting production to improve, though not enough to offset the decline in Spain. Spanish exporters’ association Asoliva estimates there will be at least 10% less olive oil available worldwide this year from the 3.1 million metric tons produced in the season ending in 2021.
In Spain, the price of bottles of olive oil rose by around 60% in 2022, according to industry groups and companies consulted.last year after Russia invaded Ukraine. But soaring inflation, costlier fertilizers, and the drought continue to push prices upwards.
I thought it's the Genco Pura Olive Oil Company that supplies most of the world's olive oil needs.
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