Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

Olive oil prices surge over 100% to record highs and spark cooking oil thefts

by September 21, 2023
September 21, 2023
Olive oil prices surge over 100% to record highs and spark 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 tons — that’s a drop of more than 50% compared to the usual 1.3 to 1.5 million tons.

“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, when the fresh harvests usually arrive. 

More from CNBC

Rocket Lab stock drops 20% after first satellite launch failure in over two years Recession-hit Germany is facing a flurry of global headwinds, Goldman Sachs says Huawei’s chip breakthrough poses new threat to Apple in China — and questions for Washington

“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. 

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Pivotal Metals
next post
Ramaswamy unveils plan to ‘declare economic independence from China’ in upcoming policy speech

Related Posts

Pfizer CEO says tariff uncertainty is deterring further...

April 30, 2025

In wake of L.A. wildfires, a diverse small...

March 4, 2025

Chipotle to launch Adobo Ranch dip after sluggish...

June 11, 2025

Nearly all of the homes listed for sale...

December 22, 2023

Starbucks will accept reusable cups for drive-thru and...

January 6, 2024

Why groceries are so expensive — and how...

May 26, 2024

Americans grow more confident about the economy, even...

January 11, 2024

Tesla CEO Elon Musk says he favors ‘no...

May 25, 2024

Disney to combine its Hulu+ Live TV with...

January 7, 2025

Red Lobster says unlimited shrimp promotion was too...

December 2, 2023

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 5

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      China’s aircraft carriers send message in the open Pacific for the first time – and bigger and more powerful ships are coming

      June 16, 2025

    Categories

    • Business (1,053)
    • Investing (2,079)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,387)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved