Olive oil maker Deolio expects to cut prices by half

Olive oil prices are about to fall.

The largest producer of olive oil plans to halve prices due to weather-related crisis “Liquid gold” begins to skyrocket seems to be coming to an end in recent months.

According to Deolio, maker of domestic olive oil brands such as Bertolli and Carbonell, crops in southern Europe are slowly recovering from bad weather and a long period of drought.

“The price discount at the origin is expected to begin between November, December and January, provided that weather and crop conditions remain stable in the coming weeks,” said Miguel Angel Guzman, chief sales officer at Deolio. Told CNBC.

“Indications are that if everything develops normally, especially if rains continue to be favorable to production, we could see a downward trend in prices by 2025.”

Olive oil prices reach record high This year, DeLeo plans to cut the cost in half — a staggering $12.39 a bottle.

The Spanish company expects prices to fall from 10 euros to around 5 euros per liter in the coming month.

“This price would be appropriate in the context of increased production, which would reduce market stress and help gradually normalize prices after a period of volatility,” Guzman said.

The good news comes after years of olive oil shortages around the world, which Guzmán described as “one of the most difficult moments” in the history of the industry.

Olive oil-producing countries suffering from drought and extreme weather, including Spain, Greece, Portugal and Tunisia, are expected to see strong harvests this year, according to the International Olive Oil Council.

However, the industry is still not completely out of the crisis.

“Although steps have been taken toward recovery, it would not be entirely correct to say that the crisis is over,” Guzman said.

“We are still experiencing a period of tension in olive oil prices, especially high-quality oils like extra virgin.”