Olive oil lovers stock up now. Spanish farmers have reported that the olive crop of 2012 could be down by as much as 80%.
Spain produced 50% of the world’s olive oil in 2012, but this year we have been warned that they may only have enough oil to cover internal demand. This could cause the price to olive oil to increase dramatically. On the other hand, olive crops in Spain over the last few years have been very large and an expert for one of the largest olive oil companies in the world claims the surplus from these can easily cover the shortfall.