From this year’s olive oil production is expected to be moderate to good in our country according to the forecasts so far.

According to estimates, the production will range between 250-280,000 tons, as he told the Athenian-Macedonian News Agency President of the National Olive Oil Interprofessional Organization (EDOE), Manolis Giannoulis.

But in order for this to be possible, the weather conditions should be mild, there should be no intense temperatures and instead some rain should fall.

“A condition for this to happen is for there to be a smooth development of weather phenomena until the harvest season, which is four months from today,” he said, adding that “high temperatures and lack of rain are causing concern to producers.”

With reference to the producer price, the President of EDOE points out that a retreat is already being recorded. “Compared to the historical highs we reached 3-4 months ago, where the price was 9.5 euros per kilo, today we have fallen to 7 euros per kilo for extra virgin.”

In fact, according to estimates “the price will decrease as the harvest approaches, and if we have sufficient supply” but as he said “we are not sure. Production will play an important role.” As well as the drought. And Mr. Giannoulis explains: “Drought has two consequences, firstly, a piece of the fruit will necessarily be lost, because the tree will try to “protect” itself, and the second is that the yield of the fruit is lower, compared to when it has rained.”

According to him, there are reserves, not large, but they will be enough with the above until the next harvest.

Increase in olive oil production throughout the Mediterranean Basin – Decrease in consumption

The situation is the same in the other olive-producing countries in the Mediterranean. Especially in regards to Spainwhich has 45% of global production, this year’s harvest will reach up to 70% of its overproduction, i.e. the highest level its annual production can potentially reach.

However, what Mr. Giannoulis noted is that regardless of the supply, consumer habits have changed in the last two years, due to the large increase in prices.

“The reduction in consumption is dramatic. At the moment it has shrunk by 40% compared to two years ago when the “rally” in olive oil prices started,” he said.

And this was done through two practices as he said. “One was less consumption of olive oil by the consumer and the second in some applications, such as frying, salad, etc. they used either less olive oil or some seed oil because of its low price.”

However, the President of EDOE appears optimistic that the “correction” in the market will come in a short period of time.

“Once the harvest reaches consumption the path to be followed will be a decrease in the price on the shelf” he noted adding that “in the spring we expect the break-even point to occur”.

And he concluded “2025 will be a year when consumers and producers will be satisfied”.