Plunge in global olive oil prices means hard decisions for Spanish olive oil producers
Century-old olive trees are being chopped up to use as firewood or sold off as garden ornaments as some in Spain’s olive oil industry turn to younger, more productive trees in hope of lowering costs.
In recent years the sector in Spain has been left reeling; a plunge in global olive oil prices was followed by a punishing 25% tariff levied by the US on Spanish olive oil. After prices sank to levels that left many struggling to break even, the industry has slowly recovered, though prices remain shy of 2018 levels.
