Increased production in 2024 expected to lower olive oil prices, producers say

Greek olive oil production is expected to be moderate to good this year, according to current forecasts for 2024, the president of the National Interprofessional Olive Oil Organization (EDOE), Manolis Giannoulis, told state-run Athens-Macedonian News Agency.

Production is anticipated to range between 250,000 and 280,000 tons.

However, achieving these figures depends on mild weather conditions. "For this to happen, a stable weather pattern up to the harvest period, which is in four months is essential," Giannoulis was quoted as saying, adding that "high temperatures and drought are causing concern among producers."

Regarding producer prices, he said that the decline continues. "Compared to the historical highs of 9.5 euros per kilogram observed 3-4 months ago, the price has now decreased to 7 euros per kilogram for extra virgin olive oil."