Bloomberg: Eyes turn to Greece with olive oil decline in Spain and Syria

Drought in Spain and war in Syria have turned the focus to Greece’s rising olive oil production

Bloomberg reports on the world olive-oil production slump for 2014-2015 due to drought and exhausted trees in Spain and civil war in Syria that is expected to lift prices in the coming months. “Output of pressed olive oil may fall to 2.55 million metric tons in 2014-15 from a record 3.19 million tons a year earlier,” writes a Hamburg-based researcher in an e-mailed report to Bloomberg.

Spanish output of first-press oil is forecast to fall from 1.77 million tons to 830,000 tons, says Oil World.

Olive Oil

The focus has now turned to Greece where rising olive oil production will partially make up for the drop in Spain and the volume of pressed oil climbing to 300,000 tons from 158,000 tons. Italy’s olive-oil output is seen little changed at 455,000 tons, from 450,000 tons.

Tunisia’s production of the oil may rise to 260,000 tons from 80,000 tons, which is “good news” for European consumers, according to Oil World. In Syria, output is expected to receive “a major blow” as a result of the civil war as well as drought, dropping to 50,000 tons from 135,000 tons.