`15-Year Low for World Olive Oil Production

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15-Year Low for World Olive Oil Production

Dec. 4, 2014
By Isabel Putinja

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The Inter­na­tional Olive Coun­cil (IOC) has pre­dicted that world olive oil pro­duc­tion will fall to the low­est level in 15 years.

While 3.27 mil­lion tons of olive oil were pro­duced in 2013 – 2014, the out­put for 2014 – 2015 is esti­mated to reach only 2.39 mil­lion tons — 433,000 tons less than the world will con­sume, accord­ing to the IOC.
See more: Com­plete Cov­er­age of the 2014 Har­vest
The poor olive har­vests in Spain and Italy, the biggest pro­duc­ers of olive oil, are to blame for the 27 per­cent drop to the low­est lev­els since the 1990 – 91 sea­son.

Spain is expected to expe­ri­ence a 54-per­cent reduc­tion in olive oil pro­duc­tion: only 825,700 tons of oil com­pared to last year’s record out­put of 1,780,000 tons.

Pro­duc­tion in Italy is expected to decrease from 461,200 tons to 302,500 tons — a 34 per­cent drop.

Spain’s olive crop was adversely affected by hot weather dur­ing the flow­er­ing sea­son and dis­ease, while Italy’s olives suf­fered from olive fly infes­ta­tion and an exces­sively wet sum­mer.

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Mean­while, some coun­tries have expe­ri­enced a sur­plus. Greece, the third-biggest olive-oil pro­ducer in the world this year will be within reach of the num­ber two spot with its expected yield of 300,000 tons, up from 131,900 last year (+127%), while Tunisia’s out­put increased sig­nif­i­cantly to 260,000 tons from 70,000 (+271%) accord­ing to esti­mates.

Due to decreased out­puts, olive oil prices are expected to rise sig­nif­i­cantly while the IOC pre­dicts that the global con­sump­tion of olive oil is set to fall from 3.03 to 2.82 mil­lion tons.


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