European Commission Announces Storage Aid
The European Commission introÂduced a new meaÂsure to proÂvide aid to EU olive oil proÂducÂers for storÂage due to an imbalÂance in the marÂket. Prices have dropped in Spain, Greece, and Portugal folÂlowÂing the 2018/19 harÂvest, with Spain holdÂing the majorÂity of the curÂrent olive oil stocks in the EU.
The European Commission adopted a new meaÂsure Monday to proÂvide aid to EU proÂducÂers for the storÂage of olive oil. The meaÂsure was introÂduced in response to an imbalÂance in the EU olive oil marÂket with regard to supÂply and demand, and a fall in price as a result.
Prices have fallen recently in Spain, Greece and Portugal due to an excess in supÂply folÂlowÂing the 2018/19 harÂvest. In mid-October, the price of extra virÂgin olive oil in Spain was 33 perÂcent below the five-year averÂage, while in Greece the price was 13.5 perÂcent lower.
Olive oil stocks in the EU are estiÂmated to be curÂrently at 859,000 tons, with Spain holdÂing 88 perÂcent. This is expected to increase once the 2019/20 harÂvest is comÂplete. In order to relieve presÂsure on the EU olive oil marÂket, it is hoped that the priÂvate storÂage scheme will help to staÂbiÂlize it.
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