Spain, extension of the storage of olive oil
The European Commission (EC) authorized last October the activation of several initiatives, one of which was the storage of more than 200,000 tons of olive oil. With this, the market reacted with a slight rise in prices in February compared to other international markets. Thus, from the Ministry of Agriculture, Fisheries and Food, it is considered necessary to authorize an extension of storage to avoid a prolongation of the price crisis in the sector.
According to the minister, prices are being affected by the health crisis of COVID-19 as tourism has stopped and with it restaurants and bars around the world. All this and also the tariffs on the United States, are hurting prices, since these penalties for Spanish products from a market as important as the United States for the Spanish market, are being reflected in prices. The minister has also advanced that, soon, he will meet with the olive oil sector to analyze the implementation of different initiatives to protect the sector as a whole. From this blog we will closely follow the reactions of the olive sector.