![]() As a result, olive oil prices are expected to continue rising through May. Production is expected to climb from 664,033 tons to 765,362 tons.ĭespite the 15 percent increase compared to last year, production is still expected to remain 34 percent below the average of the previous four crop years. While producers in Spain, Italy, Tunisia, Morocco and Portugal anticipate superior harvests this year, the production increases are expected to be more modest than the significant declines predicted in Turkey and Greece.īelow is a summary of what producers and officials expect this crop year in the seven main producer countries.Īfter last year’s historically poor harvest, Spanish officials are optimistic that the 2023/24 crop year will improve. Sources: Olive Oil Times, International Olive Council Over the past four crop years, that figure sits at 82 percent.Īs a result, global olive oil production in the 2023/24 crop year will likely end up below the 2.94 million tons produced in 2022/23, the lowest yield since 2016/17.Īccording to Juan Vilar, a Spain-based strategic consultant for the olive oil sector, global production may fall to 2.4 million tons, an 18 percent decrease compared to 2022/23 and 24 percent below the average of the previous four crop years. ![]() See Also: 2023 Harvest UpdatesĬombined, Spain, Italy, Tunisia, Greece, Turkey, Morocco and Portugal were responsible for 72 percent of global olive oil production last year. However, the world still needs oil, as it supplies nearly one-third of global energy demand.The start of the harvest is underway across the Mediterranean basin, and preliminary production estimates are already being tallied.Īccording to interviews with farmers, millers, and local officials, the world’s seven largest olive oil-producing countries are forecasted to yield 1.97 million tons in the 2023/24 crop year, a seven percent decrease compared to last year and 23 percent below the average of the previous four crop years. A notable example is Saudi Arabia, whose sovereign wealth fund has invested in companies like Uber and WeWork. Entire regions have been catapulted into prosperity and wars have been fought over the control of the resource.Īt the same time, the ongoing effort to pivot to renewable energy is pushing many major oil exporters to diversify their economies. Since it’s the very lifeblood of the modern economy, the countries that control significant amounts of oil production also reap immense political and economic benefits. When taking into account the group of 10 oil exporting countries OPEC has relationships with, known as OPEC+, the share of oil production increases to more than half of the world’s supply. In the last 20 years the EU’s oil output has dropped by more than 50% due to a variety of factors, including stricter environmental regulations and a shift to natural gas.Īnother lens to look at regional production is through OPEC members, which control about 35% of the world’s oil output and about 70% of the world’s oil reserves. What’s starkly apparent in the data however is Europe’s declining share of oil production, now at 3% of the world’s supply. The Commonwealth of Independent States-an organization of post-Soviet Union countries-is another major regional producer of oil, with a 15% share of world production. The Middle East accounts for one-third of global oil production and North America makes up almost another one-third of production. Notably, all top 10 oil giants increased their production between 2021–2022, and as a result, global output rose 4.2% year-on-year. Meanwhile, the top 10 oil producers, including those ranked 6th to 10th-China, UAE, Iran, Brazil, and Kuwait-are responsible for more than 70% of the world’s oil production. Together, these top three oil producing behemoths, along with Canada (4th) and Iraq (5th), make up more than half of the entire world’s oil supply. Russia came in third with 11 million B/D in 2022. Behind America’s considerable lead in oil production, Saudi Arabia (ranked 2nd) produced 12 million B/D, accounting for about 13% of global supply.
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