ECONOMY

Rising olive oil output in Greece to partially make up for global slump

World olive oil production is predicted to slump in 2014-15 because of the effects of drought and exhausted trees in Spain and civil war in Syria, lifting prices in coming months, industry researcher Oil World said on Tuesday.

Output of pressed olive oil may fall to 2.55 million metric tons in 2014-15 from a record 3.19 million tons a year earlier, the Hamburg-based researcher wrote in an e-mailed report.

Spanish output of first-pressed oil is forecast to fall to 830,000 tons from 1.77 million tons, while production including residue oils obtained from pressed olive pulp is seen falling to 900,000 tons from 1.92 million tons, Oil World said.

Rising production in Greece will partially make up for the drop in Spain, with the volume of pressed oil climbing to 300,000 tons from 158,000 tons.

Italy’s olive oil output is seen little changed at 455,000 tons, from 450,000 tons.

[Bloomberg]