First quantity of 2023-24 Greek olive oil sells at 9.25€ per kilo; harvest at half of last year’s production

The first quantity of domestic olive oil produced this season (2023-24) debuted last week at an agreed to price of 9.25 euros per kilo, with a more fixed rate dependent on the coming harvest of the Koroni variety, the mainstay of Greece’s iconic production.

Specifically, the agricultural cooperative Aghii Apostoli in extreme southern Laconia prefecture sold an initial 26 tons of extra virgin olive oil (this season’s harvest) for 9.25 euros per kilo.

In statements to ot.gr, the cooperative’s president, Panagiotis Batakis said that although the rate is considered as satisfactory, it’s unclear where prices will move in the coming period, when other countries’ olive oil production will be calculated in the global market.

The specific cooperative in Laconia, in the southern Peloponnese and with Sparta as its capital, produces the Athinolias variety of olive oil, which matures more rapidly and allows producers to commence the harvest earlier than in other regions.

Although the price is higher than in previous years, Batakis said overall production, of the specific variety, will be less by a staggering 75 percent, from last year.

According to Greece’s Greece’s olive oil industry association, EDOE, the European and global production of the cooking oil is expected to again drop this season, with the forecast for Greece being 160,000 tons for 2023-24, down from 350,000 tons in the 2022-23 season. The same figure, 160,000 tons, was produced in 2021-22.

The decrease in Greece, as well as Spain and Italy, is attributed to less rain, higher temperatures and tree diseases.