Greece's olive oil production for this year is projected to be moderate to good, with estimates ranging between 250,000 and 280,000 tons.
Still, achieving this outcome hinges on favorable weather conditions in the coming months. Manolis Giannoulis, President of the National Interprofessional Olive Oil Organization (EDOE), emphasized the need for mild temperatures and some rainfall to ensure a successful harvest. High temperatures and drought pose risks to production levels, causing concern among producers.
Producer prices for extra virgin olive oil have declined from €9.5 to €7 per kilogram in recent months, and further decreases are expected as the harvest approaches.
However, final prices will depend on production levels and the impact of drought, which can lead to fruit loss and lower yields.
Current olive oil reserves are sufficient to last until the next harvest, a situation similar to other Mediterranean olive-producing nations. However, consumer habits have shifted due to rising prices, with a 40% decrease in consumption compared to two years ago. This decline is attributed to reduced olive oil use and a switch to cheaper seed oils.
A market correction is expected once the new harvest reaches the market, with retail prices expected to decrease.
By 2025, a balance between consumer and producer satisfaction is anticipated. While the forecast for Greece's olive oil production is generally positive, it's important to note the significant impact of weather conditions and the ongoing market adjustments due to price fluctuations and changing consumer behavior.