Greece Prays for Rain as Prices Soar
In July 2023, Greece’s olive sector warned that drought and extreme heat threatened the coming harvest — with wholesale extra virgin already running between roughly €7.35 and €9 a kilo across the Mediterranean.
What happened
In July 2023, Greek producers warned that continued drought and heat across the Mediterranean threatened the 2023/24 harvest. Although Greece’s prior year had risen, growers feared a sharp reversal without rain, with wholesale extra virgin in Spain, Italy and Greece running roughly €7.35–€9.00 a kilo.
By 2023, “praying for rain” had become the olive world’s default summer posture — from Spain to Greece, the same anxious wait on the sky. When every major producer is hostage to the same drought at the same time, the world’s oil has nowhere safe to come from, and prices have only one way to go.
Source, July 2023: To Vima.