"This Year The Barrels Are Dry" - Spain's 2nd Disastrous Olive Harvest Heralds Global Shortage

[hatrack]

EDIT

After a spring heatwave affected flowering in Spain, which produces about half of the global olive crop, the harvest was forecast to be only 28% up on last year, which was the worst in almost a decade. The International Olive Oil Council predicted that the country would produce 850,000 tonnes, compared with 1.3m tonnes in a typical year and just 660,000 last year. That forecast was issued before the current period of high temperatures.

The industry fears that production could end up being even worse as a second heatwave in a week brings temperatures of up to 43C this week to some southern parts of Spain, prompting trees to drop unripe fruits in order to preserve moisture. “In Spain we already know it is going to be another bad year, but no one has got to grips with the what’s currently happening. The record temperatures are not going to help the situation,” said Walter Zanre, the chief executive of the UK arm of Filippo Berio, the world’s largest olive oil producer. “I can’t share how much anxiety this is causing us. Last year, Spain came into crop with a bit of carry-over [from the year before], which negated the shortfall somewhat. This year the barrels are dry. Even if Spain produces the predicted 850,000 tonnes, the price situation is worse.”

Zanre said that the probable shortages meant prices were likely to rise further amid similarly poor harvests in Italy and Portugal. Wholesale prices have doubled since the beginning of 2022. In the UK, the retail price of olive oil was up 47% year on year to an average £6.16 for 500ml in May, according to the latest figures from the Office for National Statistics.

Given that the autumn harvest is unlikely to produce new oil until November and that last year’s supplies are expected to run out by September, at present rates of consumption, it is possible that supermarkets could see shortages in the autumn.

EDIT

https://www.theguardian.com/business/2023/jul/17/olive-oil-industry-in-crisis-europe-heatwave-threatens-another-harvest-spain-prices

[CentralMass]

1. 😞

[Think. Again.]

2. I've noticed that...

...quite a few of the food sources are doing very badly this year... peaches, citrus, nut trees, etc.

[hunter]

3. I'm seeing lots of new olive developments in California, north of the traditional olive groves.

They now tie the trees up on trellises, pruning and harvesting olives like grapes using automated equipment.

They don't look anything like traditional olive groves.

Farmers are ripping out the older style olive groves.

I'm sure there are statistics about the growth of this industry somewhere.

https://olivecenter.ucdavis.edu/

As the earth warms one can easily imagine this entire industry, worldwide, migrating north.