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Forbes reports that drought "in various key Mediterranean regions of olive-growing Europe" has "been slamming" the olive oil industry for the past 3-5 years, which has resulted in global prices for olive oil being up 25 percent in 2017 even as global output is down 14 percent.

According to the story, "Projected annual declines vary widely among the major producers, with Italy in the lead - and expected to suffer a record massive cut in the 12 months through September, according to the International Olive Council. The story isn't much better in Greece (down 20%), Tunisia (17%) and massive producer Spain (down 7%)."

Even as prices have gone up, the story says, "the global market for extra virgin olive oil is ever-thirstier. The first five months of the current crop year - through February 2017 - saw strong increases in demand compared to the prior year: 58% in Australia, 36% in Brazil, 34% in China, 9% in Canada, 8% in Japan and 2% in the United States."
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