European Commission: Drought Raises Olive Oil Prices

The European Commission warned that olive oil production in Spain, the world's largest producer, may fall by half this year compared to last year due to drought, which will lead to increased prices. Spain typically provides around 40 percent of the global production of this vital commodity. Greece, the third-largest producer in the European Union and not affected by these weather conditions, is expected to improve its production, although it may not be sufficient to compensate for the decline in Spanish production.