Production in Europe, with major olive-oil countries like Spain and Italy, has taken a hit.
Subscribe to RR1 Live+ for exclusive virtual events all year long , conversations with Robb Report editors, special perks, and more.‘Yellowstone’ Is Driving Millions of Visitors to Montana—and Boosting the State’s EconomyBecause of a lack of supply due to climate change, olive oil now costs a record high of $9,000 per metric ton,on Friday. That’s up 12.5 percent this year, on top of an 8.8 percent increase last year, according to the Chicago-based market-research firm Circana.
Thanks to these trends, the U.S. Department of Agriculture has downgraded its olive-oil outlook. The agency last month estimated that just 2.5 million tons of olive oil would be produced globally this year. That’s a quarter lower than last year’s output and the five-year average, thenoted. Plus, the USDA said that prices had risen 130 percent from last year, and that the effects of climate change don’t offer much hope for the future of olive oil.
“The U.S. is a steady net importer of olive oil—its domestic olive oil production, which comes in at around 16,000 tons a year on average, is not enough to fulfill consumption, which runs at some 390,000 tons,” Vito Martielli, a senior grains and oilseeds analyst at Rabobank, told theWe’re an olive-oil-loving nation, but it’s not clear how much longer our high rate of usage can continue.Forget the Cronut. A New Generation of Parisian Bakers Is Giving the Donut a Haute Twist.
Exclusive: Chef’s Table at Brooklyn Fare Reopens This Week. Here’s What the Two New Chefs Have Planned.Sep. 28–Oct. 1: Indulge in incredible meals, expertly paired wines, and a luxury getaway in Jackson Hole this fall.
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