Current olive oil prices back to May–June 2009 levels

According to the data by IOC, production in 2011/12 looks poised to be 302,000 tonnes higher than in the preceding crop year. Stocks of approximately 1 million tonnes are expected, an increase of 34%. Producers in Spain, Greece and Italy, the only three countries for which the IOC has reliable price data, are getting a low price – €1.75, €2.38 and €1.84/kg respectively – for the extra virgin olive oil they produce. One has to go back to May–June 2009 in the 2008/09 crop year to find comparable price levels.