The markets are already preparing for the coming shortage. Fortune says concern over the Spanish harvest this year is already being felt in the olive oil market, where prices have already risen 8.3%. A poor olive harvest for Spain is bad news for the olive oil industry as a whole because, as the International Olive Council points out, Europe has pressed more than 2 million tons of olive oil. olive oil between 2020 and 2021. Fortune says that Spain produced 1.3 million tons, followed by Greece, Italy and Portugal.
Spain’s Agriculture Minister Luis Planas is very clear about the consequences of this year’s record-breaking heat wave, which has been named Zoe, on olive oil production this year. “If there is no temperature relief or rains in the coming weeks, this year’s olive harvest could be significantly lower than previous ones. The olive sector is concerned about oil production “, Planas said. Bloomberg News. And that in turn would mean 25% to 30% less Spanish olive oil after the season, for The Guardian.
euro news says Spanish farmers have a back-up plan. Rather than wait for more heat and less water, they might choose to harvest whatever olives they can a little earlier. But this will impact not only how many olives they get, but also what kind of oil they can extract from the distressed fruit. Either way, the situation is not expected to end well unless the rains come.