19 March, 2022
The European Union estimates member countries 2022-23 olive oil production to drop to 1.5 million tons and global to 2.6 million sinking to under 3 million for the first time in 5 years. As a result, producer prices for EVOO now exceed $5/liter, double the pre-covid levels.
The Mediterranean Basin’s 2022/23 forecasts [in 000’s tons] are, Spain 750K, Greece 350K, Turkey 275K, Italy 235K and Tunisia 180K. Greece tops the Extra Virgin yield. Egypt leads in Table Olives with 600K, followed by Spain 440K, Turkey 425K, Greece 315K and Algeria 298K out of a global output of 2.9 million tons.