Brussels adds almost 1.7 Mt of olive oil in the EU until the end of January and cuts forecasts in 2020/21
A figure that is still too optimistic, since with the data for the first four months (October 2020-January 2021), which are the central months of the olive harvest for the mill, production remains at 1,695,317 t, with which there would still be
some 400,000 t to “target” in the following months, despite the fact that the trend in the main producing countries is already downward.
By country, Spain concentrated a production of 1,105,7679 t of olive oil until last January 31 (353,969 t in that month), 65.2% of the Community total, followed by Italy, with 257,817 t (in January just 17,216 t), 15.2% of the total EU; Greece, with 222,000 t accumulated (80,000 t in January), 13.1%; Portugal, with 99,800 t (6,600 t in January); Croatia, with 4,547 t (347 t in January); Cyprus, with 4,483 tons, and Slovenia, with 900 tons.
There are no estimates for France, although the EC estimates about 5,200 tonnes in the 2020/21 season.
Against these data, the estimated production of olive oil by Brussels is 2,096,789 tons, of which 69.2% would be in Spain (1.45 Mt); slightly less than 13% in Greece, which would overtake Italy again this season, with 270,000 t; 12.4% in Italy, with 260,000 t; another 4.8% and about 100,000 t in Portugal; about 6,142 t in Cyprus; the 5,200 t mentioned in France; another 4,547 t in Croatia, and 900 t in Slovenia.
The European Commission estimates a consumption of olive oil in these producing countries of 1,352,369 tonnes, with Spain leading the way, with 530,000 t planned (39.2% of the total), followed by Italy, with 500,000 t (37%) ; France, with 115,100 t (8.5%); Greece, with 110,000 t (8.1%); Portugal, with 80,000 t (5.9%); Croatia, with 7,000 t; Cyprus, with 6,569 t; Slovenia, with 2,700 tons, and Malta, with 1,000 tons.
The stocks of olive oil in these community producing countries would remain at the end of the current 2020/21 season, on September 30, 2021, at 565,697 tons, of which 77.1% of the total would be in Spain (436,200 t) ; another 12.9% in Italy (73,000 t) and almost 10% in Greece (53,300 t).
Source: Agro negocios (2021)