Spain Bakes, Olive Yields Shrivel | The Olive Oil Source

Spain Bakes, Olive Yields Shrivel

Source: The Olive Oil Source
August 07, 2005

Drought in Spain has sent olive oil prices soaring. Spain is the world's largest olive oil producer. The harvest could fall up to 30% according to current estimates. This winter's severe frost had already caused problems for producers with about 4 percent of olive trees lost. Olive oil prices have gone up 20% over last year. The continuing strength of the Euro has also bumped imported oil prices, helping local producers compete.