12° Nicosia,
21 June, 2024

Greece anticipates bumper olive oil harvest despite price fluctuations

Optimism abounds as olive trees bloom, while producer prices show signs of softening


Estimates from Greece suggest a promising outlook for olive oil production this year, with anticipation building for a potentially fruitful harvest, although definitive conclusions remain pending for about a month.

Manolis Giannoulis, the president of the National Interprofessional Olive Oil Organization, shared insights with the Athens-Macedonian News Agency, highlighting the current flowering period as a crucial stage. "At the moment, we are in the flowering period and after about a month, they will be bearing fruit. All this under the condition that everything will develop normally," Giannoulis stated.

While concrete figures are yet to be finalized, there's a growing sense of optimism regarding this year's harvest compared to the previous season. Last year saw estimates ranging between 130,000 to 150,000 tons, marking a record low. Recent developments also indicate a decline in producer prices, although this adjustment hasn't yet translated fully to retail prices.

Giannoulis noted a reduction of 1 to 1.30 euros per liter in producer prices, which is expected to gradually influence supermarket prices. Presently, extra virgin olive oil is being traded by producers for €7.80 to €8.20 per liter, compared to €9.30 to €9.50 per liter just a month ago.

As the olive trees progress through their growth stages, stakeholders in Greece's olive oil industry remain cautiously optimistic, eagerly awaiting the upcoming harvest season to confirm their expectations.

Cyprus  |  Greece  |  olive oil  |  consumer

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