World olive-oil production is predicted to slump in 2014-15

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Global olive oil output seen declining in 2014-15 because of the effects of drought and exhausted trees in Spain and civil war in Syria, lifting prices in coming months, industry researcher Oil World said.

Output of pressed olive oil may fall to 2.55 million metric tons in 2014-15 from a record 3.19 million tons a year earlier, the Hamburg-based researcher wrote in an e-mailed report.

Southern Spain suffered its worst drought in a century in the period from September 2013 through to May 2014, and trees are exhausted from record production in 2013-14, according to Oil World. The country is the world’s biggest producer and exporter of olive oil, used in everything from salads to soap.

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