Despite the reduced production in Spain (850,000 tons) and the much smaller compared to the usual production of Italy (150,000 tons), the olive oil market of last year went smoothly because the high stocks and the overproduction of Tunisia compensated for the above reductions. The values following the law of supply -demand stabilized. Regarding this season in Greece, there is an evident reduction in the production rate of 15-20% compared to the one of 2014-2015.
Yannis Kampouris speaks to us about the oil year coming to an end and our olive market. Yannis is the producer of E-LA-WON, a particular product which travels from the land of the Sun in the country of the rising sun and from there to the Mount of Olives, excelling in Greece, Japan and Israel. This closes a successful season which reated the conditions for an equally successful continuation. The OLIVELAWON company is steadily conquering international markets focusing on the quality, reliability and social profile.
– What affects the price of olive oil?
The price of oil is mainly determined by the Spanish annual production. In the period 2014-2015, the Spanish production showed a decline so the price of oil rose. By contrast, the period of 2013-2014, which for Greece was bad olive season, the price of oil stabilized around 2.75 because of the inflated Spanish production. While from one year to another there seems to be some balancing in the size of production, consumption shows a downward trend mainly in southern Europe due to the economic crisis. The decrease in consumption is also a regulatory factor in the price of oil.
– Can limited quantity lead to higher quality?
Quality is our main goal and preserved under all circumstances. There are certain factors by which the quality of the oil is determined such as early oil extraction, protecting the fruit from unsuitable conditions, the processes at the mill. These factors have to be controlled closely and are our “sine qua non” for production. A positive sign for the quality of this year’s production is the limited exposure to the olive fruit fly (a bacterium known as dakos) thanks to weather conditions this summer.
-What are the forecasts of the International Olive Council for 2015-16?
It is believed that worldwide oil production for the period 2015-16 will fall to 2.8 million tons, with Spain on the rise (1.3 million), Italy (360,000) following and then Greece (330,000) followed by other countries with significant appearance in the market, like Portugal, Tunisia, Turkey, Morocco, Algeria and Syria.
-Could you share with us the results from E-LA-WON olive oil Analysis Certificate of the new crop by the Pharmaceutical Department of the University of Athens?
Levels of oleocanthal and oleaceinre are superior to the average of international sampling olive oil samples included in the study conducted from the University of California, Davis. Note that substances such as oleocanthal and oleaceinand possess significant biological action, as they are certified for their anti-inflammatory, antioxidant, cardioprotective and neuroprotective properties, which are very beneficial to health. The daily consumption of 20g. from the sample we provide contains 23mg of Tyrosol and hydroxytyrosol (»5 mg). The picture for the E-LA-WON is excellent in terms of quality as early harvest oil with excellent organoleptic characteristics, with the components analyzed 1162 mg / kg, according to the certificate of the University and the inspection conducted by Professor Magiatis using the NMR method. Our oil belongs to the oils that protect against oxidation of blood lipids, according to Regulation 431/2012 of the European Union.
-What is the new method of automatic classification of olive oil?
According to the Spanish Technological Centre “Ainia”, this method allows us to provide a full spectral fingerprint of the key factors in the quality of olive oil. This application classifies oils quickly and accurately with both mill samples and the olive oil workshops so that the classification of the olive oil is done with clarity, maintaining the quality, identification and traceability.
– How do you see the import of Tunisian olive oil?
It was a European Commission proposal to increase by 35,000 tons the limit of duty-free imports from Tunisia. The impact on the market is virtually non-existent and this because a) 35 000 tonnes represent 1,5% of total production in the Mediterranean countries and b) it applies only to the years 2016-17.
Ioannis Kampouris: The writer, professor and entrepreneur from Imvrian descent, knows the secrets of olive oil. So he created an olive oil full of flavors, aromas and memories that won prizes in international competitions.
Article translated and provided by Ioannis KampourisInterview with Yannis Kampouris: «olive oil with quality titles» ,