Changes in the Olive Oil Market: The Situation in Cyprus
November 13, 2024
The olive oil market is undergoing significant changes, with prices dropping in many countries, while in Cyprus prices remain at last year's levels. Extreme weather conditions had severely impacted production in previous years, leading to skyrocketing prices and reduced consumption. Now, Spain, the largest olive oil producer, is bringing production back to normal levels, which is affecting prices in international markets. Producers in Cyprus face challenges, as some olive mills are operating under reduced capacities.