Ο Juan Luis Ávila head of Olive Oil at COAG, said olive oil stocks may be the lowest in recent years. The Food Information and Inspection Agency (AICA) confirmed that shipments of olive oil are averaging 71,000 tonnes per month.
«At COAG we appreciate the efforts of consumers who remain loyal to a product that is a source of health and the basis of the Mediterranean diet,» said Ávila.
Producers' stocks fell from 319,912 tonnes in May to 251,521 tonnes in June, while bottlers placed only 8,538 tonnes on the market. According to Ávila, we are facing the year with the lowest olive oil stocks of this century.
This situation may lead to increases in the price of olive oil until the arrival of new production in October and November. In June, there were a total of 415,022 tonnes of olive oil in stock, of which 251,521 tonnes belonged to producers, 162,178 to bottlers and 1,322 to the Olivarero Community Heritage.
The data so far indicate that the coming year will be modest for olive oil. Climatic conditions are not favourable for olive growing in the Mediterranean, and in many areas there is a serious problem with water and irrigation of olive groves.
Given these facts, market experts predict that olive oil prices will not fall in the new olive oil season either. On the contrary, there is a chance that they will increase, also affecting the prices of edible olives upwards!
