Bump in Greece’s 2024 Prized Olive Oil Crop Seen Reducing High Prices

The soaring prices of olive oil in Greece, especially Extra Virgin, that has seen Greeks turning to cheaper brands of alternative oils could come down with expectations the 2024 crop will be bigger.

Interprofessional Olive Oil Organization (EDOE) President Manolis Giannoulis said the forecast is now see as moderate to good after previous years being held down because of warm winters and other factors.

He told the state-run Athens-Macedonian News Agency that production is expected to range between 250,000-280,000 tons but it depends on having mild weather conditions, and much of what Greece produces is sold in bulk to other countries.

“For this to happen, a stable weather pattern up to the harvest period, which is in four months is essential,” Giannoulis said, adding that “high temperatures and drought are causing concern among producers.”

He said producer prices are beginning to come down as well although it wasn’t said if sales had fallen at supermarkets where consumers had sticker shock with the cost of superior Extra Virgin (EVOO) being as much as 54 euros ($60) for four liters.

“Compared to the historical highs of 9.5 euros ($10.40) per kilogram (2.2 pounds) observed three to four months ago, the price has now decreased to 7 euros ($7.67) per kilogram for Extra Virgin Olive Oil,” at the producer’s point.

Tags: Greece, olive oil, crop forecast