Europe: olive producers are suffering losses, oil reserves are at zero

The dry summer caused olive oil reserves in Europe to reach almost zero.

How reports The Guardian, oil reserves are almost depleted, and Europe is preparing for even greater shortages due to extreme weather conditions. The world’s largest olive oil producer, Filippo Berio, is already forced to import products from South America to meet demand. Walter Zanre, chief executive of the company’s UK division, admits:

“It’s almost impossible to buy olive oil these days. It’s sold out.”

And Rafa Guzman, a Spanish farmer and head of the Asaja association, said that some olive plantation owners were facing bankruptcy due to the ongoing drought:

“The harvest here has dropped by 70-80%. Some farmers haven’t even harvested a kilogram of olives. Even if the oil sells for 8 euros a bottle, it’s not enough to keep them afloat. There are always crop failures, like last year. But two crop failures in a row “I don’t remember this.”

Spain produces 50% of the world’s olive oil. But forest fires and 40-degree heat have led to the fact that the future of the industry is in big doubt.

The International Olive Council forecasts global production will fall to 2.4 million tonnes, less than last year’s harvest and well short of global demand of about 3 million tonnes.

Other regions where olives are grown also faced problems: Greece, Italy, Portugal, Turkey, Morocco. This year it is expected Greece will be able to produce only 200 thousand tons of olives – this is a third less than last year. Adding to the extreme heat was fruit fly infestation of trees.

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