Experts blame drought, extreme weather for paltry production
A worker checks bottles on the production line last year at a plant in Córdoba, Spain. Extreme heat, wildfires and drought have decimated much of the world’s olive oil harvest yet again, driving prices to a record high of $9,000 per metric ton.
global olive oil production estimate down to 2.5 million tons, a quarter lower than both the previous year and the five-year average.The agency said in August prices were 130 percent higher than a year ago, and climate-change-related extreme weather is making the future appear equally grim.
Olive oil is currently more valuable than crude oil .Spikes in prices lead to related crime, both theft and counterfeiting. At the end of August, a half-million dollars’ worth of olive oilfrom a mill in Córdoba, one of the largest olive-oil-producing provinces of Andalusia in Spain, and according to authorities, it is common to have olives stolen right off the trees.“With Europe’s shortage, the risk level of buying blended and counterfeited extra-virgin olive oil will be extremely high.
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