The latest news about the Olive Oil Market

Cosecha olivos

The campaign 2016 / 2017 is now finished and it is a good moment to share with you the final official figures reported by the International Olive Council (IOC). Here it is : 2,538,000 tonnes of production of olive oil in the world. This means a decrease of 20 % if we do the comparison with the previous campaign 2015 / 2016.

Spain, as you know, again and always, leading the market, not only in production but also in commercialization. The Spanish harvest was the biggest one, as usual, with a total production of 1,283,600 kgs. of olive oil, with which represents more than 50% of the world production.

Second, the production of Greece reached 195,000 tons which means 39% less than the previous year, meanwhile Italy produced 182,300 tons falling by 62%.  Also, Portugal produced 69,400 tons representing a decrease of 36% and finally, the rest of the IOC member countries as a whole, decreased by 8% with a total production of 605,000 tons.

Now, the question is What about the current new campaign 2017 / 2018?, how is it expected?

According to the official information provided by the International Olive Council (IOC), Spain will be crucial again to cover the demand. Considering the figures from IOC, the International offer will be around 2,854,000 tonnes of olive oil during the campaign 2017 / 2018 whereas the global demand, taking into consideration the evolution of the increase, will be around 2,929,000 tonnes. In addition to this, we would like to remind the connection between the two campaigns, of 300,000 tonnes.

Nowadays, Andalusia, the main region for olive oil in the world, is looking at the sky and expecting some rains as the situation of drought is important. This is already affecting to olive trees so we will see what will happen during the campaign 2018 / 2019.

Still early days to speak about the situation of prices in origin. However, we are at your disposal to discuss this issue through your welcomed communications to: marketing@torresyribelles.com