Severe drought likely to halve olive oil output

According to the European Commission, a severe drought is threatening the world’s biggest olive oil producer, Spain, and is likely to halve its olive oil output this year as compared to the previous year, ThePrint reported citing Reuters. The Spanish olive oil exporters association expects a decline of at least 10% in the volume of olive oil available globally this year from the 3.1 million tons produced in the season ending in 2021.