The Spanish market is expecting a significant increase in olive oil production, which will reduce its price to around five euros per litre. Good results from the neighbouring country’s harvest should put pressure on prices on the Portuguese market. The Spanish newspaper El Economista was told of good forecasts for the campaign, which will begin in October, by industry sources who estimate production at 1.4-1.7 million tonnes. The drought of the last two years has hit Spanish producers, who essentially came to Portugal to buy much of the country’s produce, reducing supply and driving up prices. According to data released in July by the National Statistics Institute, olive oil production last year exceeded 160,800 tons, making it Portugal’s second most productive olive growing season. Earlier this year, Eurostat reported a general increase in olive oil prices across all EU member states, led by Portugal (69%), followed by Greece (67%) and Spain (63%). Deco Proteste, which has been tracking food basket price trends since the start of the war in Ukraine, found this month that the price of extra virgin olive oil has risen by 84% in Portugal, a rise exceeded only by a kilogram of fresh fish. According to the publication, a 75 ml bottle of extra virgin olive oil cost €4.46 in January 2022, while this month it was almost €12.