Olive-Oil Prices Reach a Record High of $9,000 per Metric Ton

Subscribe to RR1 Live+ for exclusive virtual events all year long , conversations with Robb Report editors, special perks, and more.‘Yellowstone’ Is Driving Millions of Visitors to Montana—and Boosting the State’s EconomyBecause of a lack of supply due to climate change, olive oil now costs a record high of $9,000 per metric ton,on Friday. That’s up 12.5 percent this year, on top of an 8.8 percent increase last year, according to the Chicago-based market-research firm Circana.

Thanks to these trends, the U.S. Department of Agriculture has downgraded its olive-oil outlook. The agency last month estimated that just 2.5 million tons of olive oil would be produced globally this year. That’s a quarter lower than last year’s output and the five-year average, thenoted. Plus, the USDA said that prices had risen 130 percent from last year, and that the effects of climate change don’t offer much hope for the future of olive oil.

“The U.S. is a steady net importer of olive oil—its domestic olive oil production, which comes in at around 16,000 tons a year on average, is not enough to fulfill consumption, which runs at some 390,000 tons,” Vito Martielli, a senior grains and oilseeds analyst at Rabobank, told theWe’re an olive-oil-loving nation, but it’s not clear how much longer our high rate of usage can continue.Forget the Cronut. A New Generation of Parisian Bakers Is Giving the Donut a Haute Twist.

Exclusive: Chef’s Table at Brooklyn Fare Reopens This Week. Here’s What the Two New Chefs Have Planned.Sep. 28–Oct. 1: Indulge in incredible meals, expertly paired wines, and a luxury getaway in Jackson Hole this fall.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Olive oil prices reach record highs as Spain’s harvest is halvedExperts blame drought, extreme weather for paltry production
Source: washingtonpost - 🏆 95. / 72 Read more »

Gas prices drop, oil prices flopJeff Rosenfield joined KGUN 9 in July of 2022 as a News Producer. He has a background in writing, as well as photography and other visual mediums.
Source: kgun9 - 🏆 584. / 51 Read more »

Exxon expects profit bump from oil prices of around $1 billion in third quarterHowever, Exxon says chemicals are seeing thinner margins
Source: MarketWatch - 🏆 3. / 97 Read more »

Oil prices drop more than $5 despite Saudi and Russian production cutsNancy Vu is an energy and environment reporter for the Washington Examiner. Before coming to the Washington Examiner, Nancy was a Congress reporter for Politico. She started at the company as an editorial intern to the sustainability team and helped to cover a number of environmental issues, such as the clean energy transition, corporate climate initiatives, and the Biden administration’s green promises.
Source: dcexaminer - 🏆 6. / 94 Read more »

Putin orders regulated prices for fuel oil, Russia's export ban staysRussian President Vladimir Putin has ordered the government to provide state funds to ensure a smooth heating season, including the introduction of regulated prices for fuel oil supplied for household heating in some regions, the Kremlin said on Thursday.
Source: Reuters - 🏆 2. / 97 Read more »