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oil’s (not) well, that ends well?!…..olive oil prices surging….
Posted by: NewtonMP2100
Date: September 19, 2023 08:16AM
…..surging over 100%……there is a drought in many olive producing countries [ Spain, Italy, Greece ]……people are even stealing it in Spain……Turkey has suspended bulk exports….


Olive oil prices surge over 100% to record highs, sparking cooking oil thefts

....Olive oil prices spiked to fresh records as severe droughts in major producing countries crimp supplies — and drive up thefts in cooking oil.

Global prices for olive oil surged to $8,900 per ton in September, driven by "extremely dry weather" in the Mediterranean, according to a recent report by the United States Department of Agriculture. Already, the average price in August was 130% higher compared to the year before, and showed "no sign of easing," USDA said.

Spain, the world's largest producer and exporter of olive oil, has been battered by an intense drought for months. The country also just recorded its third hottest summer, with the average summer temperature 1.3°C higher than normal, according to state meteorological agency AEMET.

According to data from commodity market intelligence firm Mintec, Spain's olive oil production in the recent season has slumped to around 610,000 tonnes — that's a drop of more than 50% compared to the usual 1.3 to 1.5 million tonnes.

"Adding to the complexity of the situation are concerns about reduced production in other major European olive oil-producing countries, including Italy and Greece, where drought conditions prevail," Mintec's oilseeds and vegetable oils analyst, Kyle Holland, told CNBC.

Greece and Italy are the second and third largest producers of olive oil, according to the International Olive Council, an intergovernmental organization made up of members that make up more than 98% of olive production globally.

Olive oil thieves

Prices of olive oil in Spain's Andalusia soared to €8.45 ($9.02) per kilogram in September, Mintec's benchmark showed. It marks the "highest price ever recorded for Spanish olive oil" based on the company's data spanning over 20 to 30 years, and represents a year-on-year jump of 111%.

The soaring prices, on what's sometimes referred to as "liquid gold," have led some to steal it.

About 50,000 liters of extra virgin olive oil in one of Spain's oil mills, Marin Serrano El Lagar, were stolen in the early hours of Aug. 30, according to local media reports. That's more than €420,000, or about $450,000, worth of olive oil that the family business lost. There have been no arrests so far.

That's not all.

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. The company's computers, tables, fans and chairs were also reportedly looted during the heist.

The companies in question did not respond to CNBC's request for comment.

When will it end?

And there's no respite in sight.

Mintec's Holland cautioned that if stocks of olive oil continue to be depleted by the drought, supplies could be exhausted before October, where the fresh harvests usually arrive.

"Further complicating matters is Turkey's decision to suspend bulk olive oil exports," said the analyst. "The suspension has worsened the already limited volumes in Spain."

Turkey, which is also a significant olive oil producer, has suspended bulk exports until Nov. 1, a move resulting from the global surge in prices......



……..olive oil prices……going up……?!



_____________________________________

I reject your reality and substitute my own!



Edited 2 time(s). Last edit at 09/19/2023 04:33PM by NewtonMP2100.
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Re: oil’s (not) well, that ends well?!…..olive oil prices surging….
Posted by: Acer
Date: September 19, 2023 08:59AM
Any word on releases from the Strategic Olive Oil Reserve?
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Re: oil’s (not) well, that ends well?!…..olive oil prices surging….
Posted by: mrbigstuff
Date: September 19, 2023 10:17AM
This is as bad as the great maple syrup deficit of a few rear years back!



Hurts like a bastid...
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Re: oil’s (not) well, that ends well?!…..olive oil prices surging….
Posted by: Acer
Date: September 19, 2023 10:33AM
Quote
mrbigstuff
This is as bad as the great maple syrup deficit of a few rear years back!

FYI, Canada does have a Strategic Maple Syrup Reserve for just such an emergency.
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Re: oil’s (not) well, that ends well?!…..olive oil prices surging….
Posted by: mrbigstuff
Date: September 19, 2023 01:50PM
Quote
Acer
Quote
mrbigstuff
This is as bad as the great maple syrup deficit of a few rear years back!

FYI, Canada does have a Strategic Maple Syrup Reserve for just such an emergency.

I know, half of that warehouse has my name on it



Hurts like a bastid...
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Re: oil’s (not) well, that ends well?!…..olive oil prices surging….
Posted by: DinerDave
Date: September 19, 2023 02:13PM
Quote
mrbigstuff
This is as bad as the great maple syrup deficit of a few rear years back!

"Great weather for Maple production this year, quality high" Raise the price.

"Terrible weather for Maple production this year, quantities low." Raise the price.

Dave



Welcome to Dave's BBQ!

Many have eaten here....

Few have died
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Re: oil’s (not) well, that ends well?!…..olive oil prices surging….
Posted by: jdc
Date: September 19, 2023 07:12PM
Avacado oil is great.





Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: oil’s (not) well, that ends well?!…..olive oil prices surging….
Posted by: mrbigstuff
Date: September 20, 2023 12:00AM
Quote
jdc
Avacado oil is great.

Yes! But about twice as expensive, unfortunately. Also Californian olive oil is stupendous, but it's more expensive because it's not grown at the scale of the huge groves in the middle east and southern Europe.



Hurts like a bastid...



Edited 1 time(s). Last edit at 09/20/2023 12:01AM by mrbigstuff.
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