Olive oil prices to rocket as Spanish drought cuts harvest by 62%

Spain produces 50% of the world’s olive crop, so the price rises will be felt by importers across th…

Spain produces 50% of the world’s olive crop, so the price rises will be felt by importers across the globe at a time when worldwide demand is growing – particularly from the rising economies of Brazil, India and China.

Spanish olive crops were down by 62% on the previous season in the first four months of 2012/13, according to figures released by Spain’s Olive Oil Agency. There are still some months to go until the end of the crop season but production has been predicted to fall short of the 820,000t forecast in November 2012.