Photo: Reproduction
Olive oil is a good option to make fish less dry.
Advertising
The world’s northern hemisphere is suffering from a severe heatwave caused by climate change. In some regions of Europe, heatrelated droughts and fires ultimately affected olive harvests, which in turn affected global olive oil prices.
According to a survey by the market research company Horus, the increase in the value of virgin and extra virgin olive oil in Brazil was over 20%. The research considers the period from August 2022 to August 2023.
In 2022, 450 ml of virgin olive oil was sold in Brazilian markets for R$24.96. After a year, the price of the same oil rose to R$31.66. The 500 ml extra virgin rose from R$28.40 to R$35.97.
Research explains that olive oils follow a countertrend to other foods due to climate. “Europe is suffering from a major drought and Brazil, which imports a large part of this product, is also starting to suffer the consequences of this drought.”
Currently, Spain is the largest olive oil producer in the world, accounting for around 45% of the global product supply. However, the European continent has been suffering from a severe heat wave since the first half of 2023. The survey conducted by Bloomberg shows that if the drought continues, output in the country is expected to fall by half.
The drought in Spain is so severe that residents have started taking part in processions asking for rain. In addition, the Spanish government announced a package that will provide farmers with 2.2 million euros to modernize water structures.
Olive oil thefts
As the value of the product increased, olive oil became increasingly targeted by robbers who broke into the warehouses of extra virgin olive oil producers in the country. The delicacy eventually earned the nickname “liquid gold.” In addition to the final product, olives were also sought after by criminals. On August 30, around 50,000 liters of olive oil were stolen, equivalent to approximately 420,000 euros (R2.24 million).
In March, a criminal group managed to confiscate around 20 tons of olives in a rural area of Spain.
Brazil
Brazil has small olive oil production and is considered one of the largest importers of the product in the world Japan, the United States and Canada are together on the list. The Brazilian Olive Oil Institute (Ibraoliva) indicates that in 2023, about 1% of the national olive oil market will be supplied by Brazilian products.
Due to the high dependence on imported products, prices on supermarket shelves tend to continue to rise. The product is not considered essential, but has become a “favorite” in cooking. Some substitute alternatives are blended oil and corn oil.
Prices are only likely to fall if the next harvest, which begins in October, turns out well. However, experts believe that the increase will continue.
read more