The recent sharp decline in olive oil prices in Spain has rippled through Crete, bringing sales to a complete standstill. Extra virgin olive oil, which saw prices dip to as low as €4.85–€6.89 per kilogram, has caused confusion among producers. Initial sales this year reached up to €7.80 per kilogram but have now dropped to an average of €5. This unexpected shift has left olive farmers and mill owners in Crete worried.
The President of the Association of Cretan Olive Municipalities (SEDIK), Platanias Mayor Giannis Malandrakis, encouraged farmers to remain calm:
Like everything else in life, olive oil has become a stock market. Prices abruptly rose, reaching €8, €9, and even €10, which was unimaginable. I advise producers and market players to stay calm as the market shifts daily. We need to share both the risks and the opportunities.
While producers are trying to navigate this challenging period, the Vice President of SEDIK, Malevizi Mayor Menelaos Bokeas, expressed concern, suggesting that the crisis might be artificially induced:
The belief that Spain would face challenges this year has not proven entirely accurate. This could possibly be a contrived situation, possibly to suppress prices.
Responding to the drop, Crete’s olive mills largely refrained from purchasing olives last week. The island’s olive market completely froze, highlighting the situation’s intensity.
The region’s woes are further complicated by the visible impact of drought, which has further complicated this year’s olive oil production. Recent field inspections by Crete Regional authorities revealed worrying signs of water stress in thousands of olive trees, particularly in unwatered areas. These conditions have led to reduced fruit size and extensive branch drying.
Despite these fluctuations, industry figures advise patience and strategy. Malandrakis urged producers to manage their stock wisely and observe upcoming market trends:
The true direction of the market will become clearer in the following weeks as demand starts to shape prices.
The olive oil market in Crete remains in flux, with producers, traders, and consumers all monitoring the situation closely.
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