Turkey couldn’t turn olive oil overpricing into advantage despite increasing production

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While big olive oil producers had their worst year in more than a decade, Turkey couldn’t turn this situation to its advantage despite increasing production, as some merchants stockpiled olive oil and caused prices to rise dramatically, according to sector representatives.

Spain, which accounted for half the world’s production of all grades of olive oil last year, had a mediocre year due to a toxic cocktail of scorching temperatures, drought and bacteria. The same reasons hampered France and Italy’s productions, whereas Turkey, a leading producer, increased its production by 12 percent compared to last year, when the total production in the world decreased by one-third.

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