In Spain’s Andalusia, extra virgin olive oil reached a record $9.84 per kilogram in January
Spain’s Deoleo, the world’s largest olive oil producer known for brands like Bertolli and Carbonell, is calling for a “profound transformation” in the sector as climate change, soaring prices and inflation are affecting the industry.
Consecutive years of scorching heat in Spain have slashed olive harvests, driving prices to unprecedented levels, and alarming consumers and insiders alike.
The prices have been rising since last year. It even drove theft of the cooking oil in some parts of Spain. In Andalusia, extra virgin olive oil reached a record $9.84 per kilogram in January.
Despite recent rainfall improving conditions, Deoleo remains cautious, anticipating continued price volatility until the 2024-25 harvest.
Spain produces over 40% of the global olive oil and its pricing serves as a benchmark worldwide.