15-Year Low for World Olive Oil Production
The International Olive Council has preÂdicted that world olive oil proÂducÂtion will reach its lowÂest level in 15 years, with an estiÂmated outÂput of 2.39 milÂlion tons comÂpared to the 3.27 milÂlion tons proÂduced in the preÂviÂous year. The decrease in proÂducÂtion is mainly attribÂuted to poor harÂvests in Spain and Italy, the two largest proÂducÂers of olive oil, due to facÂtors such as hot weather, disÂease, and olive fly infesÂtaÂtion.
The International Olive Council (IOC) has preÂdicted that world olive oil proÂducÂtion will fall to the lowÂest level in 15 years.
While 3.27 milÂlion tons of olive oil were proÂduced in 2013 – 2014, the outÂput for 2014 – 2015 is estiÂmated to reach only 2.39 milÂlion tons — 433,000 tons less than the world will conÂsume, accordÂing to the IOC.
See Also:Complete Coverage of the 2014 Harvest
The poor olive harÂvests in Spain and Italy, the biggest proÂducÂers of olive oil, are to blame for the 27 perÂcent drop to the lowÂest levÂels since the 1990 – 91 seaÂson.
Spain is expected to expeÂriÂence a 54 perÂcent reducÂtion in olive oil proÂducÂtion: only 825,700 tons of oil comÂpared to last year’s record outÂput of 1,780,000 tons.
Production in Italy is expected to decrease from 461,200 tons to 302,500 tons — a 34 perÂcent drop.
Spain’s olive crop was adversely affected by hot weather durÂing the flowÂerÂing seaÂson and disÂease, while Italy’s olives sufÂfered from olive fly infesÂtaÂtion and an excesÂsively wet sumÂmer.
Meanwhile, some counÂtries have expeÂriÂenced a surÂplus. Greece, the third-biggest olive-oil proÂducer in the world this year will be within reach of the numÂber two spot with its expected yield of 300,000 tons, up from 131,900 last year (+127%), while Tunisia’s outÂput increased sigÂnifÂiÂcantly to 260,000 tons from 70,000 (+271%) accordÂing to estiÂmates.
Due to decreased outÂputs, olive oil prices are expected to rise sigÂnifÂiÂcantly while the IOC preÂdicts that the global conÂsumpÂtion of olive oil is set to fall from 3.03 to 2.82 milÂlion tons.
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