Perfect storm for ‘Big Three’

The Financial Times has devoted space to the turbulent olive oil market of the ‘Big Three’ – Spain, Italy and Greece. Pointing out that the price of olive oil has dropped to a 10-year low since demand has sunk due to the economic crisis, the article also correlates the fading of olive oil consumption with competition from cheaper vegetable oils, such as sunflower oil. In Spain, sunflower oil costs only €1.25L, while olive oil is sold at €1.99 and extra virgin at €3.25. Domestic consumption of olive oil in Spain will fall back to the levels of 2002 and in Italy and Greece to 1995 levels, the article states, citing the International Olive Oil Council.