- Olive oil prices in Crete have fallen to around €3.17 per kilogram, according to figures reported by NeaKriti.
- Producers say they need around €5/kg to cover production costs and maintain a modest profit.
- Spain is temporarily withdrawing 188,000 tonnes of olive oil from the market to help stabilize prices.
- Some Cretan growers are reportedly considering leaving olives unharvested if current prices continue.
Crete’s olive growers may have more olives to harvest this season, but that does not necessarily mean they will have more money in their pockets.
According to figures published by NeaKriti, the price of olive oil has fallen to €3.17 per kilogram, down from €3.41/kg in late September and €3.34/kg at the beginning of October.
For producers already facing high labour, fertilizer and energy costs, the numbers are becoming increasingly difficult to make work.
Representatives of Cretan olive producers say a price of approximately €5 per kilogram is needed for growers to cover their costs and achieve even a modest return.
That leaves a substantial gap between what producers say they need and what the market is currently offering.
The cost of picking the olives
Labour costs are reported to be reaching €60–€80 per day, while agricultural inputs remain expensive. At prices close to €3.20/kg, producers say there may be little or no meaningful income left after harvesting and processing costs are paid.
Pródromos Afthonidis, president of the Heraklion Olive Millers Association, told NeaKriti that some producers are already saying they would rather leave the olives on the trees than harvest them at current prices.
That is an extraordinary position for an agricultural sector that remains one of Crete’s defining economic and cultural activities.
More olives do not necessarily mean more money
The irony this year is that the harvest itself is expected to be better than last year’s.
Recent rainfall has improved prospects for production after the severe drought that affected the previous season. However, damage to fruit and olives falling to the ground have also affected growers in some areas.
The International Olive Council is currently forecasting EU olive oil production at around 2.4 million tonnes, including approximately 1.6 million tonnes from Spain, 300,000 tonnes from Greece, 280,000 tonnes from Italy and 195,000 tonnes from Portugal.
Those figures are provisional and may change as the season progresses.
For Greece, however, a larger crop arriving into a market already under pressure creates its own problem: more product does not automatically translate into better returns for farmers.
Crete’s producers want a stronger response
Cretan producer representatives are calling for government intervention, arguing that the current market does not provide sufficient protection for growers.
Among the proposals raised by the Greek Left Coalition in Heraklion are direct financial support through the de minimis mechanism, a national olive oil price observatory, stronger controls against illegal relabelling or “Greekification” of imported oil, improved support for producer cooperatives and new auction mechanisms allowing producers to negotiate more directly with international buyers.
These proposals are political positions and should be treated as such. The underlying economic concern, however, is shared across the sector: if producing olives ceases to make economic sense, fewer people will continue doing it.
The price problem in numbers
NeaKriti’s reported figures show how quickly the market has moved:
| Date | Reported price |
|---|---|
| 21 September 2026 | €3.41/kg |
| 28 September 2026 | €3.38/kg |
| 5 October 2026 | €3.34/kg |
| 12 October 2026 | €3.20/kg |
| 19 October 2026 | €3.16/kg |
| 26 October 2026 | €3.07/kg |
| 2 November 2026 | €3.15/kg |
| 9 November 2026 | €3.17/kg |
The figures do not show a perfectly straight downward line, but the broader movement since September is clear: prices remain dramatically below the €5/kg level producers say is necessary for sustainable production.
What happens if farmers stop harvesting?
Olive cultivation is not simply another agricultural activity in Crete. It shapes the landscape, supports rural communities and forms part of the island’s identity.
If growers repeatedly find that harvesting costs more than the crop’s value, abandoned orchards become a real economic and environmental concern.
And once an olive grove is neglected, bringing it back into productive condition is neither quick nor cheap.
For consumers, meanwhile, today’s low producer price may look like good news. But agricultural markets have long memories. If low returns push growers to cut production, abandon orchards, or stop investing in their trees, today’s cheap oil can become tomorrow’s supply problem.