After reaching unprecedented heights, olive oil could become more affordable in early 2025
Now, prices appear to be dropping, and the 2024-2025 harvest looks promising, especially in Spain and other top-producing countries such as Greece and Tunisia, CNBC reports.
Though the crisis has begun to subside, Miguel Ángel Guzmán, chief sales officer at Deoleo, hesitated to say it was over. He told CNBC that uncertainty about the harvest remains and that there’s still “tension” in prices, especially for extra virgin and other high-quality oils. “However, the outlook is positive for the coming months, as the market is expected to begin to stabilize, and normality is expected to be gradually restored as the new harvest progresses and supply increases.”
Provided the harvest and weather conditions are stable, Guzmán said he expects “a gradual normalization” of prices starting in November, December and January in Spain, which, as the world’s largest producer, is “a global reference.” When olive oil prices were at their highest, Spanish shoppers paid nine to ten euros per litre; Deoleo reportedly expects prices to drop to roughly five euros. Guzmán told CNBC, “Indications are that if everything develops normally, especially if rains continue to favour production, we could see a downward trend in prices throughout 2025.”
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