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Home Agribusiness

IOC: Global olive oil production to drop to lowest in 6 years

Business in Russia by Business in Russia
in Agribusiness
IOC: Global olive oil production to drop to lowest in 6 years
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According to the International Olive Council (IOC), global olive oil production in the 2022/23 season will be at its lowest level in six years. According to experts, the figure will be 2.73 million tons, which is 18% less than in the previous season. The decrease is expected against the backdrop of a reduction in the production of the product in Western Europe. Thus, in eight main regions (Spain, Greece, Italy, Portugal, Croatia, Cyprus, Slovenia, France), the production level may drop to 1.5 million tons, against 2.27 million tons in the 2021/22 season. The most notable decline will occur in Spain, where production could drop to 780,000 tonnes, the lowest since the 2012/13 season. The fall is also predicted in other leading countries – Portugal and Italy, experts say. Along with the reduction in production, there is also expected to be a decrease in…

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