Climate Change Ignites Olive Oil Prices

The healthiest of cooking oils now comes with an even heftier price tag as climate change-induced droughts, heat waves, and wildfires scorch olive plantations in southern Europe.

- Zia Haq

Extreme weather events for the second straight year in the olive-producing region have nearly halved global harvests, driving up olive oil prices to a record. Benchmark retail prices rose to a record high of $9,000 per tonne in October, showed data from the US department of agriculture.

An August production estimate by the Spanish government proved the worst fears: A crisis in olive oil markets. Several Mediterranean countries suffered dry weather and droughts, further skimping supplies.

Climate change’s influence on olive trees underscores the growing challenges global warming presents in food production. With supplies from the Mediterranean regions becoming increasingly erratic, many consumers may have to now seek alternative sources that provide similar health benefits.