It was a regular year. Looking at the five-years production average, E.U. olive oil production grew by 11 percent in the 2021/22 crop year.
Spain was expected to contribute 66 percent of the yields with 1.49 million tons in the current season, followed by Italy with 15 percent (328,000 tons) and Greece with 10 percent (215,000 tons).
While most of the world’s production comes from E.U. member states, the committee also highlighted the global recovery in olive oil production in non‑E.U. countries, which is forecasted to reach 1.125 million tons, up from 959,000 tons in the previous crop year.
Prices were steady throughout most of the year at around €3.50 per liter for extra virgin olive oil with a 10% premium for Italian EVOO given supply shortages in that country. But as storage tanks were emptying in mid-summer to make room for the new harvest in fall, prices spiked up to €4.00 as the outlook for 2022-23 worsened.
Source: IOC
