The price of olive oil in the countries surrounding the Mediterranean, where 90% of the world’s olive oil is produced, is rapidly rising to a very high level. This means that the consumers of olive oil in the rest of the world will be paying much more.
For the first time – according to Reuters – sunflower oil purchases in Spain, the largest producer as well as one of the larger consumers of olive oil, have surpassed the sales of olive oil. In the first half of 2024, 179 million liters of sunflower oil were sold in that country compared to 107 million liters of olive oil.
Also according to Reuters, the average price of sunflower oil in Spain is $2.07 per liter, while the price of olive oil is now $6.65 for the same amount.
I usually purchase a 3-liter tin of Greek extra virgin, cold pressed olive oil for our kitchen that will last us for 7 to 9 months – long enough to keep the freshness and taste of the oil at optimal level. Last year, for the 3-liter tin of Minerva brand oil, we paid between $28.99 and $32.00 in New York City.
Two weeks ago, because we use so much olive oil in our cooking, we purchased a new 3-liter tin of another brand for $47.99 (Sitia from Crete, where the paternal side of my family originated). The Minerva brand now sells for at least $68.99.
The reason for the price increase is because of climate changes. According to meteorological reports, the Mediterranean basin is warming up 21% faster than the rest of the world. Warmer and drier weather affects olive trees. The warmer and drier the weather becomes, the fewer olives the trees will produce to make sure they survive the dry, hot weather.
In Spain, the government is trying to stabilize the retail prices by considerably lowering the VAT (sales tax) on all olive products. In addition, because last year’s crop in the countries surrounding the Mediterranean was almost 7% larger than the year before, the prices seem to have leveled. In some areas, they’re even starting to lower a bit.
This year’s harvest seems to have been a little lesser than last year, but thankfully not as low as in 2022. I hope prices will start to stabilize in the US market as well. How much are you paying for olive oil in your part of the world?
Manos Angelakis is one of the founders, the former Managing Editor for 25 years, the current Managing Editor Emeritus, and Senior Food & Wine Writer of LuxuryWeb Magazine. He is an accomplished travel writer, photographer, and food and wine critic based in Hackensack, New Jersey. As a travel writer, he has written extensively about numerous cities and countries. Manos has also been certified as a Tuscan Wine Master and has traveled to wine-producing areas in order to evaluate firsthand the product of top-rated vineyards. In the past year, he has visited and written multiple articles about Morocco, Turkey, Quebec City, Switzerland, Antarctica, and most recently the South of France. Articles in other publications include Vision Times and Epoch Times.
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