The last olive oil campaign (2021/2022) could close with a stock of 390,000 tons in the European Union, a figure that does not reach the quantities of the previous campaign (-17.7%).
This would be the third consecutive decline in EU stocks, according to the first balance published by the European Commission. It shows a slight increase in EU olive production, as well as in exports to other countries and a drop in domestic consumption.
As far as production is concerned, Brussels is expected to revise the figures downwards. Since a volume of 1.4 tons was reflected for Spain, when in reality the country is not expected to reach 1.3 million tons. Thus, this figure will depend on the impact of the drought in the producing areas.
In addition, Italy is expected to produce 300,000 tons (+10% compared to the previous season), while Greece is expected to produce 230,000 tons (-16%). However, Portugal is expected to grow by 50%, reaching 150,000 tons.
In its latest report on olive oil market data, the Commission also includes world forecasts. Production could stand at 3.16 million tons, compared to the 3.30 million obtained in 2020/21. Both the slight increase forecast in the EU and that expected in certain third countries contribute to this increase.
For example, Tunisia’s production, which fell sharply in the previous season (to 140,000 tons), will partly recover and could reach 220,000 tons (+57%).
On the other hand, slight increases are expected in Turkey (215,000 tons; +2% over the previous season) and Syria (120,000 tons; +4%). On the contrary, Morocco’s production will register a 3% decrease to 155,000 tons.
Source:
Agropopular.com. 2021. Olive oil: New reduction of the final stock in the EU. [online] Available at: https://www.agropopular.com/aceite-oliva-161121/ [Accessed 29 November 2021].