Olive oil demand seen weak by oil world as users switch

Olive oil prices have fallen more than expected in recent weeks after consumers in Spain and Italy “strongly” cut back on usage in response to tight supplies and high prices, Oil World reported. Shoppers in Spain, Italy and Greece, the world’s biggest olive-oil consuming countries, have switched to cheaper vegetable oils as they face economic crisis, rising unemployment and reduced disposable income, the Hamburg-based oilseed-industry researcher wrote in an e-mailed report.