Olive oil prices fall as Spain eyes a bigger harvest

Spain’s extra virgin olive oil costs 22% less at wholesale than it did a year ago: a bigger harvest is forecast. In week 41 of 2026, it fetched €331.86 per 100 kg, compared with the same week in 2025. The figures come from an olive oil report by AgroBank and Agrifood Comunicación.

A bigger crop is forecast

Spain’s Ministry of Agriculture, Fisheries and Food expects the 2026/27 harvest to produce 1.602 million tonnes of olive oil, up 23% on the previous season. That season ended on 30 September with more than 1.3 million tonnes, despite producing 8% less than the one before it.

Across olive oil categories other than olive-pomace oil, Spanish wholesale prices are 14.5% below last season’s. But the report says they remain high by historical standards. The figures do not show whether prices in Mallorca shops have fallen.

Exports remain strong

Spain exported 911,300 tonnes of olive oil by 31 August. That was 3.7% less than in the previous season, but 10.2% above the average for the four seasons before it. Italy is the biggest buyer.

More than 60% of Spain’s olive oil exports are still sold in bulk. Buyers in countries including Italy bottle some of that oil and export it under their own brands.

Topics: Agriculture · Economy

Source: Europa Press / Mallorca.com