The price of Spanish olive oil reached its highest point since 2006

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Spanish olive oil prices surged to near an all-time high on slumping output and after disease hit trees in top consumer Italy.

Stockpiles in Spain, the world’s largest producer, have fallen to “critically low levels,” Hamburg-based industry researcher Oil World said. Hot, dry weather cut the Spanish harvest, while exports to Italy haven’t slowed enough to make up for reduced supplies and shipments to Asia remained strong, the researcher said.

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