Olive oil prices surge to all time highs amid drought

September 20, 2023 by
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Prepare yourself for sticker shock when buying your next bottle of extra virgin olive oil. Due to drastically reduced yields, olive oil supplies are rapidly being depleted, leading to dramatic price hikes. Spain, the world’s largest olive oil producer, saw record high temperatures (the third hottest summer on record) coupled with an intense drought. In turn, this diminished the olive oil yield, which was only about 50% of historic averages.

Warm lemon olive oil marinated olives from Donna Hay Magazine

Other olive oil producing countries such as Italy and Greece have also been experiencing drought conditions and their output has likewise been reduced. Low stockpiles have driven prices through the stratosphere. As of August, year-on-year prices had spiked 130% with no end in sight. Turkey, another big player in the olive oil industry, has limited exports of the precious commodity, exacerbating the situation.

Record high prices have led to an increase in major heists where culprits have absconded with thousands of liters of olive oil. Experts don’t see any light at the end of the tunnel. Some are predicting current supplies might be exhausted prior to October, when new harvests come in. I’m not a climate scientist, but I note that this scenario falls in line with predictions of the expected effects of global warming. This isn’t the first time I have reported on a spike in olive oil prices due to drought, and I am afraid it won’t be my last.

Category: Antipasto

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6 Comments

  • pitterpat4  on  September 22, 2023

    People in the US can look for extra-virgin olive oil produced in Georgia. I don’t know how the prices compare but it is great olive oil. There are at least 2 companies in Georgia selling olive oil. Early Europeans found south Georgia well suited for growing olive trees. About 15 years ago, some young farmers decided to get serious about olive trees and producing olive oil in Georgia. I have no affiliation with any of the farmers, just offering it up as an alternative for people in the states.

  • Antonias.Kitchen  on  September 22, 2023

    There are also Arizona olive oils and California olive oils. If prices are going to be high one might as well buy “homegrown.”

  • Ganga108  on  September 22, 2023

    Thankfully we make great olive oil here (Australia). But we are bracing for record-breaking summer temps in the next months, so next season’s olive oil could be impacted too.

  • Rinshin  on  September 22, 2023

    I only buy olive oils from California. One of my favorites are extra virgin from California Olive Ranch esp their Arbequina and Ambrosona. There are so many olive trees in Northern CA.

  • Rinshin  on  September 22, 2023

    I only buy olive oils from California. One of my favorites are extra virgin from California Olive Ranch esp their Arbequina and Ambrosona. There are so many olive trees in Northern CA. There are cute shops in Northern CA areas that specialize in home grown olive oils and different vinegars.

  • bittrette  on  September 23, 2023

    Judith Barrett, an expert on Italian cooking, says many Italian-style chefs advise against using olive oil for frying because you want to taste the food, not the oil. So save the olive oil for salads and to use on bread. (Besides, olive oil has a low smoke point.)
    If you’re already frying with some other oil, you’ve been doing the right thing.

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