Elvis Barukcic | Afp | Getty ImagesSpain's Deoleo, the world's largest olive oil producer, says one of the most challenging moments in the industry's history appears to be drawing to a close, with "liquid gold" prices expected to nearly halve from an all-time high over the coming months.
Extra virgin olive oil prices in Spain's Andalusia stood at 6 euros ($6.33) per kilogram as of Nov. 6, according to Expana, an agricultural and food-focused market intelligence firm.
Spain accounts for more than 40% of the world's olive oil production, making it a global reference for prices.
A person holds a bottle of olive oil on June 21, 2024, in Barcelona, Catalonia, Spain.
Deoleo said olive oil prices should fall to around 5 euros per liter, a steep drop from highs of 9 to 10 euros, which had become the norm in Spanish supermarkets this year.
Persons:
Elvis Barukcic, Miguel Ángel Guzmán, Guzmán, Carbonell, Deoleo, Kyle Holland, Expana's Holland
Organizations:
Afp, Getty, CNBC, Europa Press, Anadolu
Locations:
Bosnian, Herzegovinian, Ljubuski, Capljina, Europe, Spain, Greece, Tunisia, Spain's Andalusia, Barcelona, Catalonia, Turkey, Menemen Plain, Izmir, Turkiye