Global prices of olive oil surged to $8,900 per ton in September, driven by “extremely dry weather” in the Mediterranean, according to the USDA.
, with the average summer temperature 1.3°C higher than normal, according to state meteorological agency AEMET.
According to data from commodity market intelligence firm Mintec, Spain’s olive oil production in the recent season has slumped to around 610,000 tons — that’s a drop of more than 50% compared to the usual 1.3 to 1.5 million tons. “Adding to the complexity of the situation are concerns about reduced production in other major European olive oil-producing countries, including Italy and Greece, where drought conditions prevail,” Mintec’s oilseeds and vegetable oils analyst, Kyle Holland, told CNBC., an intergovernmental organization made up of members that make up more than 98% of olive production globally.Prices of olive oil in Spain’s Andalusia soared to €8.45 per kilogram in September, Mintec’s benchmark showed.
. That’s more than €420,000, or about $450,000, worth of olive oil that the family business lost. There have been no arrests so far.
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