Bumpy ride for olive oil producers

DESPITE gloomy forecasts Spanish olive oil manufacturers look set to produce about 40% more oil this year than the previous 12 months. However, prices have slumped dramatically, down by 26% on the corresponding period in 2018. To further complicate matters other leading producers are seeing a major slump in production, 59% in Italy and 42% in Greece for example. This has led to a 43% increase in Spanish olive oil export, something which would normally lead to a price rise. Agriculture Minister Luis Plana called the situation “anomalous and peculiar” and does expect prices to rise soon as the markets catch up with reality.