Greek olive oil producers hoping to strike gold

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Greek olive oil producers are nursing high expectations this season as the exceptionally bad year in Italy resulting from the destruction of crops by bad weather and the olive fruit fly, as well as the very low output in Spain, have opened the way for Greek produce.

Greece’s Agricultural Development Ministry estimates that local olive oil production this year will soar to 300,000 tons, against just 135,000 tons last year.

Due to the low output in other European countries, the ministry is anticipating a rise in prices for producers that could reach up to 3.40 euros per liter.

Nevertheless, market professionals are urging caution among olive oil producers who have decided to wait, stressing that the rumors regarding the signing of expensive contracts may well turn out to be no more than mere rumors.

“If everyone waits to sell at a high price, then they will eventually fall,” said Manolis Vakontios, the president of the Sitia Agricultural Cooperatives Association on Crete.

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