Olive oil prices are maintained at high level in EU

Olive oil prices

At this period the olive oil prices in EU are maintained at high levels. According to the International Olive Council (IOC) in Spain the prices for extra virgin olive oil had been around 3.05 euros/kg during the last week of December 2015 (similar with the corresponding prices of December 2014). The same period in Italy the olive oil price was 3.34 euro/kg, while in Tunisia was 3.08 euros/kg. In Greece, producer prices for extra virgin olive oil reached in Laconia of Peloponnese 4 euros/kg, followed by Messenia of Peloponnese with the price of 3.20 euros/kg (for PDO is 20 cents higher). In Crete (southern Greece) the price stabilized at 3 euros/kg, while in Lesvos at 2.85 euros.

Commission production forecasts for 2015/2016

The European Commission published its forecasts for oil production in the EU. Based on them the period 2015/2016 is expected to have an increased production in Spain (55%) and Italy (58%). Increased olive oil production is also expected in Portugal (34%). The Greek olive oil production is expected to be at the same level as last year. The total EU olive oil production in the period 2015/2016 is expected to be at 2.05 million tonnes. The European consumption will amount to 1.616 million tonnes. Olive oil imports into the EU (EU member states and third countries) will amount to 1.166 million tonnes respectively and exports at 1.508 million tonnes. Inventories are expected to reach the end of the period 339,000 tonnes. Regarding the third countries, the Tunisian production is expected to have a significant decrease (-59%). Reduced will be also the Turkish production (-16%), while the Moroccan production will be increased (8%). The production in other third countries is expected to be increased (38%).

The Spanish production

According to data published by the Spanish Ministry of Agriculture, the oil production in the new olive season 2015/2016 exceeded the last year’s total production, reaching 867,700 tonnes, produced by 4,423,794 tonnes of olivse, with an average yield of 19.60%. Imports, based on provisional data for December are estimated at 42,900 tonnes. On the other hand, exports are estimated at 170,900 tonnes. Total sales (domestic and exports) amounted to 295,500 tonnes, 21% less than last year. The domestic market consumed 214,600 tonnes (-4%). Regarding the total reserves are estimated at 795,800 tonnes, reduced by 2%, with the mills to store 662,200 tonnes (-2%) in other industries are 124,300 tonnes, while in the state reservoirs are other 9,300 tonnes.

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