Stored surplus puts Italian olive oil prices under pressure

Italy’s olive oil industry is facing a difficult equation: large stocks remain in storage while prices come under pressure.

The country’s tanks still contain more than 233,000 tonnes of oil from the previous season. About 185,000 tonnes of that total is extra virgin olive oil.

Fayad Fayad, director-general of the Palestinian Olive Council, reported the figures based on data published by the organization. The stored volume has increased by 43.9% compared with last year, adding to concerns over the market’s surplus.