Most of the olive oil producing countries on the Mediterranean shores are experiencing their “down” cycle this season. Among the majors, Greece will produce around 240,000 metric tons, down from a peak of 360,000mt last year, Tunisia 160,000 mt vs. 280,000mt and Italy, hit by frost during winter, a century record low of 190,000mt, its 4th consecutive year of lagging behind Greece in output. Greece’s early EVOO harvest shows higher acidity to usual due to the advent of the fruit fly brought about by wet weather during critical growth months. Spain will make up the difference with an “up” cycle of over 1.5 million mt. Prices are expected to remain steady.

SOURCE: Olive News