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Global olive oil production forecast to recover in 2024/25 Global olive oil production in 2024/25 is expected to reach almost 3.1 million tonnes, up 27 per cent from last year.

In the 2023-2024 agricultural season, which ended on September 30, imports of unrefined sunflower oil in Turkey decreased by more than 36% compared to the previous season to 350 thousand tons, according to data from the authoritative German market analysis and forecasting company Oil World, cited from the electronic edition APK-Inform. This is the weakest result for the last 3 years. The decline is mainly due to a reduction in supplies from Ukraine, and record exports (up 6% compared to the 2022-2023 season to 350,000 tons) have led to a significant contraction of stocks in Turkey. At the same time, the second year in a row with a relatively weak sunflower harvest in the country limits the supply on the domestic market. Currently, Turkish importers are not actively buying sunflower oil on international markets due to its high prices, while at the same time they expect a reduction in the duty on the import of the product in early 2025.

Tunisia and Turkey are offering their fresh olive oils at ever lower prices, finally breaking downward even at 5 euros per kilo, with Spanish and Italian buyers turning their purchasing interest 100% towards these markets in the immediate future, ensuring the necessary tonnage that will allow them in a second year to keep the prices in Spain at these levels from the beginning of 2025.