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Heat, Drought Push Olive Oil Prices Up, Crop Forecasts Cut

8/4/2026

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Summary

Story summary

Spain and other European nations expect olive oil prices to rise because heat, drought and wildfires damage groves.
In the United Kingdom a litre of extra-virgin olive oil averages above £7 and is climbing this month.
The European Union cut harvest forecasts, lowering sunflowers 7 %, grain maize 6 % and potatoes and soybeans 3 %.
Spain’s agriculture ministry projects the 2026-27 cereal crop at just over 18.5 million tonnes, down from 24 million.

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Story summary

Spain and other European nations expect olive oil prices to rise because heat, drought and wildfires damage groves.
In the United Kingdom a litre of extra-virgin olive oil averages above £7 and is climbing this month.
The European Union cut harvest forecasts, lowering sunflowers 7 %, grain maize 6 % and potatoes and soybeans 3 %.
Spain’s agriculture ministry projects the 2026-27 cereal crop at just over 18.5 million tonnes, down from 24 million.