Greek Olive Oil Prices Fall as Spain's Harvest Uncertainty Looms

The new Greek olive oil harvest is expected to bring lower prices for consumers, but producers are facing rising costs and uncertainty due to Spain's output. The Association of Greek Olive Oil Standardization Industries estimates that Greece will produce between 280,000 and 330,000 tonnes of olive oil this year, with around 300,000 tonnes being the most widely cited scenario.

The outlook for Greek producers heavily depends on developments in Spain, which remains the key market indicator. Current estimates put Spanish production at 1.4 to 1.5 million tonnes, down from initial expectations of 1.8 million tonnes due to high temperatures and drought during the summer.

Greek extra virgin olive oil producer prices have fallen sharply, reaching around €3.90 to €4.20 per kilo, a decline of 56% to 59% from the peak of €9.50 per kilo. Retail prices could fall further if production estimates are confirmed, with some products already selling at around €7.30 to €7.80 per litre.