The Olive Oil and Table Olives Market
Observatory, a platform for discussion and cooperation among
sector experts aimed at promoting transparency in market data
and short-term analysis, has started work.
The European Commission announced the initiative, describing it
as a "milestone" in Brussels' efforts to improve market
conditions.
In a statement, the EU executive explained that the new
observatory will be modelled on existing market observatories
for milk, crops, and fruits and vegetables. By collecting and
evaluating market data and statistics, it will produce reports
on the statistical evolution of olive oil and table olive
production, consumption, and prices in the European market, as
well as international trade.
Brussels estimates a 24% drop in production compared to the
five-year average for the latest harvest, due to recent extreme
weather events such as droughts, wildfires, and out-of-season
temperatures.
EU olive oil production for the 2023/24 marketing campaign
reached 1.5 million tons, an 8% increase from the previous year.
According to the European Commission's estimates, the outlook
for the 2024/25 marketing campaign looks more promising: olive
oil production is expected to return to average levels. However,
current challenges are likely to keep prices high for several
months.
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