Climate crisis spurs olive oil price surge

One of the healthiest cooking oils is now the priciest, all due to the impact of climate change on the plantations in southern Europe -- the world's production hub for olives.

- Zia Haq

Droughts, heatwaves and wildfires linked to climate crisis in key producer countries have nearly halved the world's harvests of olives for the second straight year, driving up prices to a record. Global benchmark retail prices rose to a record high of $9,000 per tonne in October, according to 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.