Add olive oil to the list of commodities threatened by climate change.
Add olive oil to the list of commodities threatened by climate change.
Spain, the world’s top exporter of olive oil, said that high temperatures and drought will take a toll on the next harvest. According to an analyst quoted by The Guardian, Spain’s current crop could yield as much as 30% below last year’s. There may also be a lower proportion of olives fit for virgin-grade oils.
Refined olive oil prices in southern Spain are already up 8.3% in June year-over-year. Also pushing prices upward is the effect of the war in Ukraine, which has strangled exports of sunflower seeds and oil, with a cascading effect on the prices of other edible oils.
The situation in Spain is mirrored in Italy, where drought is expected to lead to a drop in olive oil production of 20% to 30%.
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