If you are sourcing Olive Oil from Europe, note last month’s launch of the new European Union Regulation on Truthful Labeling to combat deceit and fraud.
The anticipated supply shortage of olive oil in 2023 has driven producer auction prices in early trading to over $5/liter, double the pre-covid levels. This is expected to trigger “creative” marketing practices among certain traders. Mixing top with inferior grades from various sources and mislabeling are amongst the most common ones. Scrutinize the source, the origin and the grade indicated on the label or the shipping documents.
Also, check olive facts and trends in the Newsletter jointly published by Spain, Italy and Greece, who together yield 60% of the annual global olive oil production.