Drought in Spain, the world's largest olive oil producer, is likely to halve the country's output this year.
Spain usually supplies about 40% of the world's output. However, heatwaves when the olive trees were flowering last spring and a severe drought since last summer in Spain and in number two and four producers Italy and Portugal have shrunk stocks. "It's a catastrophe," said Primitivo Fernandez, head of Spain's National Association of Edible Oil Bottlers, as he highlighted the conjunction of drought, economic crisis and the war in Ukraine.Spanish exporters' association Asoliva estimates there will be at least 10% less olive oil available worldwide this year from the 3.1 million tonnes 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.