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☆ World's largest olive oil producer says the industry faces one of its toughest moments ever
▼ + stars: | 2024-05-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Spain's Deoleo, the world's largest olive oil producer, says the industry needs to undergo a "profound transformation" as it grapples with one of the most challenging moments in its history. A perfect storm of climate change, soaring prices, high interest rates and robust inflation has taken its toll throughout the olive oil value chain in recent months. Spain accounts for more than 40% of the world's olive oil production, making it a global reference for prices. Extra virgin olive oil prices in Spain's Andalusia hit a record high of 9.2 euros ($9.84) per kilogram in January. Olive oil prices have cooled due in part to an uptick in production estimates and beneficial rains in March and April.

Persons: Spain's Deoleo, Miguel Angel Guzman, Guzman Organizations: CNBC Locations: Europe, Spain, Andalusia, Olive

☆ Olive oil prices surge over 100% to record highs, sparking cooking oil thefts
▼ + stars: | 2023-09-19 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Bottles of olive oil and sunflower oil at a Mercadona SA supermarket in Barcelona, Spain. Bloomberg | Bloomberg | Getty ImagesOlive oil prices spiked to fresh records as severe droughts in major producing countries crimp supplies — and drive up thefts in cooking oil. Spain, the world's largest producer and exporter of olive oil, has been battered by an intense drought for months. Olive oil thievesPrices of olive oil in Spain's Andalusia soared to €8.45 ($9.02) per kilogram in September, Mintec's benchmark showed. Shortly before that, thieves made off with 6,000 liters of extra virgin olive oil worth €50,000 from Terraverne oil mill, Spanish newspaper El Munco said.

Persons: Kyle Holland, Marin Serrano El Lagar, El Munco Organizations: Mercadona SA, Bloomberg, Getty, United States Department of Agriculture, CNBC, International Olive Council Locations: Barcelona, Spain, Italy, Greece, Spain's Andalusia, Spanish

☆ Drought in Spain empties reservoirs, forces limits on water use
▼ + stars: | 2023-08-08 | by ( Horaci Garcia | ) www.reuters.com time to read: +2 min

Residents enjoy Boadella reservoir, which is 20% of its capacity, as Spain braces for the third heatwave of the summer near the Spanish-French border, in Darnius, Spain, August 6, 2023. REUTERS/Nacho DoceAGULLANA, Spain, Aug 8 (Reuters) - Artur Duran holds his hand out by his waist to show the level of water he remembers two years ago at the Darnius Boadella reservoir in northeastern Spain. Catalonia's authorities last week imposed new water usage restrictions on 22 villages around the reservoir, near the French border, as the aquifer supplying them is also emptying. Several heatwaves recorded in Spain and wider Europe this summer have worsened the drought, lowering reservoirs' levels as water evaporation and consumption increased, said Ruben del Campo, spokesperson for Spain's meteorological agency AEMET. The village of Agullana with 900 residents has been keeping its water usage below the 200-litre cap for several months, but its mayor said further steps will be implemented.

Persons: Doce, Artur Duran, sunbathed, Ruben del Campo, Josep Jovell, Horaci Garcia, Joan Faus, Andrei Khalip, Alexandra Hudson Organizations: REUTERS, Reuters, Authorities, Alexandra Hudson Our, Thomson Locations: Spain, Spanish, Darnius, Catalonia, Spain's Andalusia, Europe, Agullana

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