Spain’s Olive Oil production is in danger of falling next year

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Olive oil output in Spain, the world’s largest producer, is in danger of falling next year with futures rallying 21 percent last month after dry, hot weather in May and June, according to Oil World.

Olive trees are already exhausted from the record 1.915 million metric tons of olive oil produced in the 2013-14 season that ends in September, more than double the 710,000 tons produced a year earlier, the Hamburg-based researcher said in a report.

Some estimates put next year’s production down at least 40 percent, it said, without identifying the forecasters.

“Drought and heat in May and June have hit olive trees in the blooming period,” Oil World said. “This does not bode well for yields in 2014-15. Producers have reportedly become reserved sellers.”

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