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Spain has been expe­ri­enc­ing scarcity in the sup­ply of extra vir­gin olive oil and its value has increased as a result.

The mar­ket has seen har­vest delay due to unfa­vor­able weather as well as low olive oil pro­duc­tiv­ity.

According to a recently quoted rate from the Spanish orga­ni­za­tion El Observatorio de la Federación de Almazaras Infaoliva, com­mer­cial agents have been spend­ing €3,649 worth of extra vir­gin per kilo, €3,548 for vir­gin oil and €3,472 for lam­pante oil. Usually, the final trans­ac­tion val­ues end up being higher which indi­cate that the value for the extra vir­gin olive oil in the coun­try is on the verge of reach­ing €4.

The Sistema de Información de Precios en Origen (POOLred) shows that, over­all, activ­i­ties have been decreas­ing, with 5,403 tons sold for €3.68 per kilo from the 4^th to the 10^th of February, com­pared with 15,224 tons in the prior week.

Figures for the dif­fer­ent cat­e­gories of olive oils include €3.74 per kilo for extra-vir­gin, which is a slight recov­ery of 0.44 per­cent, and €3.55 per kilo for lower qual­ity lam­pante oils, which are mixed with extra vir­gin and com­mer­cial­ized as refined, an increase of 2 per­cent.

Only the vir­gin oils have suf­fered a slight 0.25 per­cent decrease end­ing at €3.62 per kilo. POOLred has reg­is­tered 78,700 trans­ac­tions between oil mills and mar­ket­ing enti­ties from the 11^th to the 17^th of February, while the pre­vi­ous month saw a reg­is­tra­tion total of 60,729,85 tons at €3.42 per kilo.

Spain is not the only coun­try whose olive oil prices are increas­ing, how­ever, as other European Countries have seen a sim­i­lar rise prices.

According to ISMAEA, the prices for olive oils in Italy have surged between 19.3 to 58.1 per­cent in just the past year. Prices kept esca­lat­ing in Italy in the first weeks of 2017 through February 5, which saw extra vir­gin olive oils reach €5.85 per kilo.

In Greece, olive oil pro­duc­tion has decreased due in part to heat waves in the spring which caused prices for extra vir­gin olive oils to fluc­tu­ate between €3.31 and €3.85 per kilo.

The United Kingdom has been hit with the hard­est blow in prices as a result of the col­laps­ing value of the pound that was brought on by Brexit, and olive oil is at the high­est lev­els in seven years.

The International Olive Council said that the prices for extra vir­gin olive oil in Spain have been increas­ing at a con­stant and reg­u­lar pace in the past weeks with a 10 per­cent surge that had the price at the end of January at €3.64 per kilo. When the price is com­pared to the third week of August, which had the high­est price value of €4.23 per kilo, the sharp con­trast shows a 14 per­cent decrease.

Records released by the Spain’s Ministry of Agriculture from January 30^th to February 5^th for oils bought in bulk in dif­fer­ent areas in Spain are as fol­lows: €370 per 100 kilos in Badajoz, €369 in Ciudad Real, €364 in Córdoba, €371.75 in Granada, €366.34 in Málaga, €372.27 in Sevilla, €377.50 in Tarragona and €368 in Toledo.

Overall, oil prices are aug­ment­ing at a steady rate in Spain, and it remains to be seen what will be the max­i­mum price that the oils reach.

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