«Cooperativas de Andalucia» warns that Spain will nurture the world oil market with a «technically zero stock»

Agri-food cooperatives of Andalusia has recently held a sectoral meeting of olive oil in which it has analyzed the latest data on the evolution of the harvest worldwide. The federation has verified that, due to the agroclimatic conditions that occurred in the campaign, the production estimate made at the beginning of the campaign can hardly be fulfilled, which will cause Spain to feed the world olive oil market with a «stock Technically zero. «

Initially, 1,108,400 tonnes of olive oil were estimated for Andalusia, out of a total of 1,317,075 tonnes for the whole national territory. However, after the main harvest months, the balance has revealed that there have been only 1,232,900 tonnes in Spain.

The reason has been the delay in the maturation of the fruit and the fall of the fat yield in the main producing areas, reason why the national production is going to be placed around 1,270,000 tons. In a global framework, comparing the first global estimates of production made by the International Olive Oil Council (IOC) in November, with those carried out by the European Commission in the main producing countries until February, strong declines in production are confirmed with respect to the last campaign .


Thus, according to estimates in Italy will produce only 190,000 tonnes of production, compared to 474,600 tonnes the previous season. On the other hand, in Greece, some 180,000 tons are anticipated, a great difference from 320,000 of the previous year. Finally, in Portugal, 83,000 tons are collected instead of the 109,000 obtained last year.

If these declines in Europe add to the decline in the production of countries in the Mediterranean basin, such as Tunisia, Morocco and Algeria, it can be concluded that at the end of this campaign there will be a global fall of approximately 20% previous. Therefore, given that the current rate of monthly outlets is 123,200 tonnes and the availability worldwide for the next 7 months, are scarce in other countries, Agro-food cooperatives in Andalusia considers that Spain is the key market for Supply the world demand for olive oil. This will mean that, at the end of the season, Spain will have the second lowest stock in the historical series, reaching what is known as «technically zero stock», since demand must be met until the next harvest is At full capacity, which usually comes well into November.


Autor entrada: Francisco Camacho