Global olive oil prices have surged to unprecedented levels due to severe droughts in major olive-producing countries, resulting in supply constraints and an increase in oil theft.
Olive oil prices have reached new record highs due to severe droughts affecting major olive-producing countries, which are leading to supply constraints and a rise in oil theft.
According to a recent report from the United States Department of Agriculture (USDA), global olive oil prices reached $8,900 per ton in September due to “extremely dry weather” in the Mediterranean region. In August, the average price had already risen by 130% compared to the previous year, and the USDA noted that there were no indications of a decrease in prices.
Spain, the world’s largest olive oil producer and exporter, has been grappling with an extended period of intense drought. The country also experienced its third hottest summer on record, with average summer temperatures 1.3°C higher than the usual levels, as reported by the state meteorological agency AEMET.
Source: Almayadeen
