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

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The production drop “will require substantial demand rationing, primarily in the European Union but also in other countries, keeping prices well supported in the foreseeable future,” Oil World wrote.

Olive oil futures traded in Jaen, Spain, surged 27 percent in the past 12 months to close at 2,485 euros ($3,102) a ton yesterday.

Olive oil prices in Spain “have upward potential in coming months in view of renewed confirmation of a looming steep decline of Spanish olive oil output in 2014-15,” Oil World said.

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