Prices Crash Over 50% as the Oil Returns
By January 2025, Spanish extra virgin had fallen more than half year-on-year as the rebound harvest refilled the tanks — blessed relief for shoppers, and alarm for growers.
What happened
By late January 2025, extra virgin at origin in Spain fell to about €381.89/100 kg — down roughly 54.7% from January 2024 — as Spanish output rebounded toward ~1.4 million tonnes (from ~850,000 the prior year). The relief at the till squeezed Andalusian growers selling near or below cost.
This is the violent other side of the spike. In barely a year the market went from the most expensive oil in history to a glut — whiplash, not balance. Wonderful for the cupboard; ruinous for the farm. It’s the whole case for a fair, steady price: boom and bust serve no one but speculators and fraudsters.
Source, Jan 2025: Olive Oil Times.