The olive producers are trying to recover after last year’s hopeless year. The price of olive oil, which increased by 56% this year, seems to be slowly decelerating, at least wholesale.
After the disastrous previous year that sent its prices soaring, consumers are waiting to see the results of the new production.
The first signs do not leave much room for optimism. The olive producer, Vice President of the Union of Agricultural Cooperatives of Heraklion, Myron Chiletzakis, spoke to “Society Ora MEGA” about the price of oil.
“Climate change has affected Europe and the Mediterranean. It all depends on climate change. Climate change and the effects we have are reducing production every day. We see exactly the same phenomenon in our country. Last year we saw a toll, this year there is a -compared to last year- increase of around 50%. This in kilograms translates into 200,000 tons of olive oil,” he said.
“Unfortunately, climate change is affecting the Greek olive grove. 80% has a water supply problem. Last year we produced 350,000 tons of olive oil. Our country comes out, if we manage to go to 200,000 tons. We saw in the bad weather that happened, that oil producing areas had hailstorms. This bruised the olives, injured the fruit,” he said.
“We’ll call the oil ladaki”
“The price of olive oil has fallen for the producer, it is currently at 7.5 euros, but it has not fallen for the consumer. If it doesn’t rain in the next few months, we’ll call oil ladaki. By October 15, we will have a complete picture of the price of oil. If it doesn’t rain in September and it doesn’t rain in October, no producer will go to pick the olives. We had a mild winter in Crete. Crete is the number 1 producer of olive oil, and it has a big problem with water”, Mr. Chiletzakis emphasized.
“Unfortunately, eating habits change, oily food changes taste. The Spanish who are the first in oil consumption, the percentage has decreased by 80%”, the producer underlined.
Spectacular increase of olive oil within one year: July 2023 – July 2024 + 56.7% (Source: ELSTAT)
Olive oil: The course of its price in 2 years
- November 2022: €5.50 – €5.80 / litre
- November 2023: €12 – €15 / litre
- January 2024: €13 – €17 / litre
- September 2024: €11.50 – €16/litre
My dear… oil
January 2023 – February 2024
Price increase
- Portugal 70%
- Spain 63%
- Greece 63%
- Cyprus 49%
Source: Eurostat
Spain
Olive oil dethroned January – June 2024
- 107 million liters of olive oil (18% decrease)
- 179 million liters of sunflower oil (25% increase)
#Oil
