ECONOMY

Global olive oil production expected to rebound 29 pct

Global production of olive oil is set to rebound 29 percent from last year, sending prices in Spain to a 10-month low, Oil World said on Tuesday.

Output may gain to 3.38 million metric tons in the 2013-14 season from the prior year’s “unusually low” 2.63 million tons, the Hamburg-based researcher said.

Spanish output may be 1.5 million tons, more than double last year, when dry weather hurt crops, the report showed.

Production in the southern province of Jaen exceeds Greece’s entire national output, according to the Olive Oil From Spain website.

Rising output in Italy and Portugal may make up for declines in Greece and Tunisia, the researcher said.

[Bloomberg]