Olive Oil Crisis Eases as Top Producer Sees Harvest Surge
- Prices soared to record this year after two poor harvests
- World’s biggest olive oil producer set for rebound: ministry
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Spanish olive oil production is set to jump by almost half this season, easing a supply squeeze that pushed up prices following two poor harvests.
Output in the world’s top producer is expected to reach about 1.26 million tons, according to forecasts from the Spanish Ministry of Agriculture, Fishing and Food. That’s a 48% increase on 2023, and would return Spain toward the long-term average for the crop.