Spanish drought leads to soaring prices of olive oil

Francisco José García de Zúñiga, an olive farmer in the southern province of Jaén, Spain, is facing another difficult year due to the impact of drought on olive oil production. Spain is the world's largest producer of olive oil, accounting for 70% of European Union consumption and 45% worldwide. The lack of rainfall is significantly affecting the quantity of oil produced and its price. When Spain's production decreases, global supply is also affected, leading to higher prices. This year alone, olive oil prices in Spain have increased by more than 70%. The Nuestra Señora del Pilar cooperative, the largest olive oil producer in the world, has experienced one of the worst seasons on record, with a harvest of only 24 million kilos of olives. The cooperative estimates that this year's harvest will only reach 30-35 million kilos, well below the average. Factors such as increased costs of fuel, electricity, and fertilizers have contributed to the rise in olive oil prices, but the main factor is the lack of rain. Climate change has disrupted traditional assumptions about harvests, and changes in weather patterns are making droughts and rainy periods more intense. Some regions in Spain have implemented measures to reduce water usage. The president of the cooperative calls for government investment in irrigation systems to mitigate the impact of drought. The rise in olive oil prices in Spain has been echoed across Europe, although the increase has not been as sharp in some countries. The UK and Ireland have seen lower prices due to purchasing oil when it was cheaper several months ago. In Spain, where demand is high, turnover is faster. The olive oil industry is suffering a significant drop in exports this year, and domestic sales have also decreased by 10%. Experts warn against using cheaper alternatives to olive oil, as it is a central component of the Mediterranean diet and has significant health benefits. However, the consumption of olive oil is currently being influenced by rainfall, in addition to health concerns.