With Agra
On the occasion of the first International Congress of theolive oilheld in Spain from June 24 to 27, the International Olive Council (IOC) indicated that world production should not exceed 2.41 million tonnes over the period 2023-2024, AFP reported on June 27. This is a further decline compared to the previous campaign (2.57 Mt), itself down 25% compared to 2021-2022 (3.42 Mt).
Read also: Where does the olive oil consumed in France come from?
Olive oil prices are soaring
The blame would lie with the extreme heat waves and drought in the main producing countries, such as Spain, Greece or Italy. This situation has led to a surge in prices, ranging from 50% to 70%, depending on the varieties concerned over the past year. In Spain, which supplies half of the world’s olive oil, prices have even tripled since the beginning of 2021, with the government intervening by removing VAT on this product. To cope, several solutions were put forward in Madrid: genetic research (varieties requiring fewer hours of cold and resistant to lack of water), widespread use of drip irrigation, etc. Another radical alternative was also put forward: abandoning production in territories that are becoming too desert-like.
