Extreme hot weather and persistent drought conditions have dealt a severe blow to olive oil production in southern Europe, resulting in a significant surge in prices.
Anadolu | Anadolu | Getty ImagesA shortage of olive oil, sometimes referred to as "liquid gold," has driven prices to record highs, fueled a crime surge and pushed the industry into crisis mode.
The decline extends a downward trend, after olive oil prices reached an unprecedented peak of 9.2 euros in January.
But analysts said that dwindling olive oil reserves would likely keep markets on edge for sudden price spikes over the coming months.
Olive oil thefts
Persons:
Kyle Holland, Holland, De Rust, Rodger Bosch, Vito Martielli, Martielli, Helena Bennett, Bennett, Xylella, Mintec's Holland
Organizations:
European Union, Anadolu, Getty, Centre, Market, Mintec, CNBC, Afp, Rabobank, Green Alliance UK, European Environment Agency, Nurphoto
Locations:
Europe, Anadolu, Spain, Italy, Greece, Spain's Andalusia, Olive Estate, De, Cape Town, Netherlands, Olive, Lecce, Puglia