Olive Oil Supplies Seen Tight by Oil World as Spain Output Falls

Olive oil supplies are “tight,” with prices rising on an outlook for falling production in Spain, the biggest producer and exporter of the edible oil, according to Oil World. World olive oil production is forecast to drop to 2.87 million metric tons in 2014-15 from 3.44 million tons a year earlier, the Hamburg-based researcher wrote in a report. Spanish output is predicted to slide to 1 million tons from 1.92 million tons, it said.