Olive Oil Estimate Cut by Oil World as Spain Gains Export Share

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Global olive oil output may be smaller than previously expected amid reduced supplies from Greece to Tunisia, allowing top producer Spain to increase its share of export markets, Oil World said.

World production of olive oil will be 3.27 million metric tons in the 2013-14 season that ends in
September, about 50,000 tons below the previous estimate, the Hamburg-based researcher said in an e-mailed report.

Output will still be 26 percent larger than the previous season, when dry weather hurt crops in Spain, and will exceed global consumption of 3.17 million tons, according to the report. “This season’s Spanish production is steeply above last season’s disastrously low level” .

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