Optimistic Outlook for Greece's Olive Oil Production Amid Price Reductions

extra virgin olive oil

Estimates about olive oil production in Greece are optimistic this year, although safer conclusions will be available after about a month.

"At the moment, we are in the flowering period, and after about a month, we will have the fruiting. All this is under the condition that everything will develop normally," the President of the National Interprofessional Olive Oil Organization, Manolis Giannoulis, said to the Athens-Macedonian News Agency.

However, although no firm conclusions can be drawn yet, there is a feeling that the harvest will be higher than last year's, which, according to estimates, reached between 130,000-150,000 tonnes, a record low.

In the last month, there has been a de-escalation in producer prices, which has not yet reached the final consumer.

"We have a reduction of 1-1.30 euros per liter in producer prices," Giannoulis said, and added, "of course, this will gradually be reflected in the supermarket prices."

Today, extra virgin olive oil is being sold by producers for 7.80-8.20 euros per liter, compared to 9.30-9.50 euros per liter a month ago.

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