It is a flagship product of Mediterranean cuisine, particularly popular with the French. However, in recent years, oil has seen a meteoric rise in its price. The cause was a succession of droughts in Spain, where 80% of the oil consumed by the French is produced, which led to poor harvests, and therefore to an increase in prices of 7% over 3 years, according to INSEE figures reported by BFM Business.
An increase that seems to be behind us: according to the International Olive Council (IOC), global olive oil production is expected to increase by 30% this year, reaching 3.35 million tonnes. Spain is expected to produce 1.5 million tonnes. The country could thus produce 60% more olive oil compared to last year, which would allow consumers to make significant savings.
It is true that, over the last three years, the average price of a liter of olive oil had increased dangerously, from €7 to €11.70, which represented an increase of 60%. Spanish farmers are counting on a harvest twice as large this year compared to last year, which will, as a result, significantly lower prices.
A drop which is already taking place on the shelves of Spanish supermarkets, since the liter of extra-virgin olive oil has already risen to 9 euros, one euro less than a few months ago. Internationally, prices per kilo have also already started to fall, going from €7.5 on September 16 to €5.92 on November 4. A trend that is expected to continue. In the most optimistic cases, consumers could save up to €3 per liter.
