12:32 - 26.04.2023

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April 26, Fineko/abc.az. Insufficient rainfall in Spain has led to the fact that the world's largest producer of olive oil halved the price of olive oil to historically record levels.

ABC.AZ reports with reference to the foreign press that olive oil produced in Spain reaches a record price of €5.4 per kg.

Spanish farmers typically produce half of the world's olive oil production. According to the Financial Times, the country's olive oil production has halved in the last 12 months to 780,000 tons.

On the other hand, olive oil prices have increased by about 60% since June 2022 in Spain and Europe as a whole due to the drought period, reaching €5.4 per kg.