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Old 02-10-2017, 11:46 AM   #1
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Olive oil prices soar in Europe because of bad weather

https://www.bloomberg.com/news/artic...reece-iyyeqk1j

Thought you might be interested in this - are you affected over there? Here prices have have already risen. The other problem is that the harvest that was gathered, will now be much more expensive.

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Old 02-10-2017, 12:01 PM   #2
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Quote:
Originally Posted by di reston View Post
https://www.bloomberg.com/news/artic...reece-iyyeqk1j

Thought you might be interested in this - are you affected over there? Here prices have have already risen. The other problem is that the harvest that was gathered, will now be much more expensive.

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I haven't bought high quality olive oil for a few months (I only use it for certain things), so I don't know if the cost has gone up. It's winter in South America, though, and several countries there produce olive oil. So we have several sources.
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Old 02-10-2017, 02:38 PM   #3
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I typically buy California olive oil, but if demand goes up due to people looking for alternate OO sources, then I imagine it could affect prices. A severe shortage in one region often tends to impact prices across the board.
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Old 02-10-2017, 02:53 PM   #4
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I typically buy California olive oil, but if demand goes up due to people looking for alternate OO sources, then I imagine it could affect prices. A severe shortage in one region often tends to impact prices across the board.
I could be wrong, but I don't think olive oil is a fungible commodity like petroleum oil. I can imagine a fair number of people in Europe would rather pay higher prices to get European olive oils or do without rather than buy American or South American oils.
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Old 02-10-2017, 03:39 PM   #5
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I could be wrong, but I don't think olive oil is a fungible commodity like petroleum oil. I can imagine a fair number of people in Europe would rather pay higher prices to get European olive oils or do without rather than buy American or South American oils.
This is true. I don't see Europeans buying California oil. In fact, I'm not even sure it's available there.

But I guess I'm looking at it more from the perspective of people buying it here.

For instance, if prices go through the roof for Italian oil, or if availability is diminished, Americans may have no choice but to opt for California/Greek/Spanish oils. The increased demand could result in higher prices for these non-Italian oils.

I know that in the past it's worked that way for other commodities. For example, a few years ago there was a coffee shortage due to a drought (I don't recall exactly where), which resulted in price increases across the board for all coffee.

EDIT: According to this Bloomberg article, Greece and Spain have been affected, too.
https://www.bloomberg.com/news/artic...reece-iyyeqk1j
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Old 02-10-2017, 04:16 PM   #6
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The southern European countries within the EU all produce olive oil, but the ones produced in southern-most countries produce a heavier flavoured type.Also, although there are other non-EU countries, e.g. Turkey, Lebanon, and countries around the Mediterranean sea, also produce olive oil, they have all been affected by this year's weather. Not only that, the heavier style of the olive oils produced in the arab countries around the southern edges of the Mediterranean generally don't appeal to northern European consumers. I reckon there may well be a drop in sales because of this as well. Do any of you reckon that these drops in production could affect the oils that are available the other side of the Atlantantic, because over here we reckon that drops in production will have a knock-on effect - or will China come and save us all?!!

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Old 02-10-2017, 07:57 PM   #7
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I shudder to think what may be in olive oil from China.

European olive oil is never cheap over here. Like others, I use finer olive oils when the oil is a substantial ingredient for flavor. If all the oil does is lube up the pan, I go with a cheaper oil.

I am also thinking that there are probably some very good artisanal olive oil producers in California. I haven't looked into it, but that is a very California kind of thing.

Since my family came here from Italy, I am nostalgic for Italian olive oil, but only to a point. I'm not paying ridiculous prices for nostalgia.

Anyway, the olive harvest in Europe is probably not going to effect us in the US as much as it does Europeans, because of the alternative sources we have in abundance.

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Old 02-11-2017, 07:03 PM   #8
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I buy whatever is on sale. As long as it has a cool label.

I have been known to even buy Wally World olive oil. It pays to have an unsophisticated palate. lol.
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Old 02-11-2017, 11:17 PM   #9
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The quality of California olive oil today is better than any european oil.
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Old 02-13-2017, 07:13 PM   #10
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Originally Posted by GotGarlic View Post
I haven't bought high quality olive oil for a few months (I only use it for certain things), so I don't know if the cost has gone up. It's winter in South America, though, and several countries there produce olive oil. So we have several sources.
I'm totally focusing on the wrong thing (what's new?) but isn't it summer in South America right now?
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