The olive oil market this spring is about as lively as a siesta. Prices for extra-virgin olive oil have slipped, with all the enthusiasm of a dog refusing a bath. In Messinia and Ilia, the numbers dropped below four euros per kilo, as if the product held a grudge against round numbers. Over in Crete and Laconia, producers hang on to prices in the 4.10 to 4.40 euro range, but the deals are rare—like sightings of rain in August. Bulk sales? Think of them as urban legends, with no real activity for forty days straight. Small-scale trades continue, but nothing to impress anyone except, perhaps, a family of ants. Chania saw a single transaction: 28 tons at 0.8 acidity for € 4.10 per kilo. That deal was so special that someone might knit a sweater about it.
Meanwhile, Spanish olive oil managed a minor star turn. With 120,000 tons sold in March and imports pushing the total near 140,000, Spain seems to be playing Tetris with its supply and demand. Consumption is practically one-to-one with stock, a feat usually reserved for magic tricks and children’s birthday parties. For context, the same time last year saw half the movement—just 65,000 tons found a home back then.
Spanish prices vary wildly. Extra virgin of the “questionable” kind fetches 3.80 euros per kilo. The rare, low-acidity, top-tier batches can command up to 4.80—assuming you know the right handshake. Italy, never one to be outdone, continues with prices soaring above 9 euros per kilo—Italian producers, apparently, moonlight as high-wire artists.
Why Are Greek Producers Sitting on Their Olive Oil Like It’s the Last Slice of Cake?
While Greek supermarkets rearrange their olive oil displays to hide the price tags, producers face a classic dilemma: sell now or hold out for a miracle. Traditionally, many growers hoard the best stuff until summer, betting on a sudden price jump. This year, expectations ran higher than a kite in a gale, but reality brought its brand of humor.
Some sold early—between October 2024 and February 2025—moving their entire stock at prices from 4.50 to 6.00 euros per kilo. The rest acted like hoarders in a blackout, holding back up to 70% of the harvest in their tanks. Maybe they hoped for thunder in a drought. Perhaps they missed the memo on demand. Those who waited now find the price limping between 3.80 and 4.40 euros per kilo. Patience is not always a virtue in the olive oil market.
Crete, in particular, stands out. Almost the entire harvest still lounges in the tanks, aging like a fine…well, let’s just say it’s not wine. Many could have sold for € 4.50–€ 5.50 in January but held firm. Why? A mix of hope and optimism bolstered by those rare batches with exceptionally low hydrocarbons and intense flavors. Worldwide shortages made these premium oils stand tall but left their more average cousins gathering dust.
Those who sat out the market missed another trick—dividing the crop to hedge bets. As April’s sun shines on budding trees, most tanks remain full, the 2025–2026 flowers promise a good year, and the only thing moving fast is traders’ ability to spot a desperate seller.
The State of the Olive Oil Market in 2025—It’s Complicated
Picture a room where everyone’s waiting for someone else to blink. The olive oil market behaves much the same. Greek producers, brimming with optimism at harvest, now face the shriveling reality of lower prices and wary buyers. Abroad, Spain grabs sales and keeps prices lively, while Italy remains the high roller. For Greek consumers, store shelves may not show drama, but behind the scenes, it’s all intrigue, missed chances, and hope—sprinkled lightly, like oil on a salad.
So, will the next harvest reset the board, or will patience and stockpiling turn into cautionary tales? Stay tuned. The olive oil market has a flair for theater and nobody wants to miss the final act.
