Europe

European Commission Will Allow Self-Storage

Oct. 15, 2019
By Daniel Dawson

Recent News

The European Commission will present its plan to begin allow­ing the pri­vate stor­age of olive oil in Spain “imme­di­ately,” ABC reports.

Phil Hogan, the out­go­ing European com­mis­sioner of agri­cul­ture, made the announce­ment at a meet­ing of the European Union’s 28 heads of agri­cul­ture at a summit in Luxemburg.

“My ser­vices have care­fully ana­lyzed the events,” Hogan said. “Our con­clu­sion is that a pri­vate stor­age scheme is the best instru­ment to give impor­tant sup­port to the sector.”

The hope is that olive oil prices, which dropped to his­tor­i­cally low levels in March, will sta­bi­lize as a result of the rule change.

Being able to store olive oil pri­vately will allow pro­duc­ers to alle­vi­ate the glut of olive oil cur­rently on the market, which has been par­tially attrib­uted to the price decreases.

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Luis Planas, Spain’s min­is­ter of agri­cul­ture, food and fish­eries, applauded the announce­ment as “mag­nif­i­cent news” and said that the mea­sures must be passed quickly in order to help strug­gling farm­ers and pro­duc­ers.

“It rep­re­sents a recog­ni­tion of the seri­ous sit­u­a­tion facing the olive oil sector in Spain,” he said. “We need a quick inter­ven­tion to try to cor­rect this sit­u­a­tion.”

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