With Australians consuming twice the amount of olive oil that farmers locally produce, are we heading towards a shortage?
Why have olive oil prices skyrocketed?
The world’s top olive oil producers, including Spain, Italy and Greece, have produced significantly less fruit over the past two years due to extreme drought and repeated heatwaves.
![A line graph showing the average weekly price of extra virgin olive oil has quadrupled since 2011.](https://piglobalinvestments.com/wp-content/uploads/2024/07/spain-olive-oil-price-card-v4.jpg)
Source: SBS News
Global production of olive oil fell from 3.42 million tonnes in the 2021-2022 season to 2.57 million tonnes in 2022-2023, International Olive Council figures show.
“This year happens to be a bit of an off year, so as a result, total production is down.”
What are the benefits of olive oil and will it get more expensive?
It is an essential part of the Mediterranean diet, which some studies have found can reduce symptoms of anxiety and stress and improve cardiovascular health.
![A map showing the world's top oil producers annually. Agrentina, Morocco, Portugal, Spain, Italy, Greece, Türkiye, Tunisia and Algeria are listed.](https://piglobalinvestments.com/wp-content/uploads/2024/07/olive-oil-world-map.jpg)
Source: SBS News
While Southern doesn’t have a crystal ball, he predicts prices for olive oil “won’t go too much higher”.
With additional reporting by Agence France-Presse.