According to a working paper of the Pan-Hellenic Confederation of Unions of Agricultural Cooperatives (Paseges), olive oil production for the current harvesting season will climb to approximately 350,000 tons, compared to 295,000 tons for the 2011-12 season.
However, olive oil consumption in the country will likely not be consistent with the higher yield and is expected to be drop by 20 – 40,000 tons compared to last year to 210,000 tons. The reason for this is to be found in the continuously diminishing purchasing power of consumers, which has forced them to turn to cheaper seed oils like sunflower oil or soya oil. It seems that the world record the Greeks hold eating the most olive oil — more than 25 liters per person every year — might be in jeopardy if the trend continues.
Regarding olive oil exports, the paper finds they will remain stable at about 100,000 tons per year, and there is a tendency for increased exports to new markets like Russia and China.
Prices for extra virgin declined to €1.85 per liter from €2.01 in 2010/11, but prices bounced back to the current €2.40 due to the reduced production in Spain and Italy.