Olive harvests in Spain, which supply 80% of the world’s olive oil, were down 50%.
If you are considering stocking up now before supply shrinks and prices rise, think again.
"Olive oil does not last forever and degrades with time, so stocking up with large supplies now does not solve the problem," Davis explained. "This is especially the case for the highest quality product, the extra virgin olive oils." Restaurants and commercial kitchens are scrambling to find solutions, according to the Grocer. Alternatives are scarce too. Sunflower oil is a top choice for an olive oil replacement because it has the same smoke point, according to the culinary school"Sunflower oil production was dramatically impacted last year by the war in Ukraine," said Davis. "So, there is no easy substitute in a situation like this.
Ukrainian soldiers dig trenches in a field of sunflowers unharvested due to hostilities on January 10, 2023 in Donetsk Oblast, Ukraine.Davis said that a bumper crop during the 2023 harvest would be very helpful in easing the global shortage and stabilizing the price, but that is not likely."Since olive production comes from trees, stress on the trees can be an issue that extends beyond the 2022 drought," he said.
Mediterranean countries generally harvest olives for oil in November and December, according to BestofSpain.es. So, new supplies and any easing of the shortage won’t be available until late 2023 and early 2024.
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