The scorching temperatures that have swept southern Europe this summer are not only claiming lives and priming the land for devastating wildfires — they’re also very bad news for olive trees, with olive oil industry experts warning of skyrocketing prices and potential shortages. When it’s too hot, olive trees drop their fruit to save moisture or produce fruit at the expense of the health of the tree, said Kyle Holland, who covers oils and oilseeds at market research group Mintec.
As prices push upward, the big question will be “do consumers continue to buy olive oil at these prices or do we see switches [to other oils],” Holland said. Of course, the problem extreme heat poses to food is much broader. “It’s getting to the stage where the concerns are significant not just for olive oil but for a lot of crops,” Holland said.