Bulk olive oil is, in essence, a commodity item. This means that the global market price fluctuates on a daily basis and is largely dependent on the supply of olive oil available in the world.

Bulk olive oil is, in essence, a commodity item.  This means that the global market price fluctuates on a daily basis and is largely dependent on the supply of olive oil available in the world.  

The olive oil market has changed significantly in the last year.  In September 2012, Spain announced that their 2013 production was predicted to be down by 40% from the year before, due to the harsh storms in the spring that destroyed many of the olive blossoms.  Olive oil prices started rising around the globe within days.  

There is a common perception related to Olive Oils that are imported from Italy; people assume that they're higher quality than those from their Mediterranean neighbors, Spain.  Interestingly, there is no direct correlation between higher quality oils when you compare these two beautiful countries' output. 

• Spain:  Olive Oil Production = 1,199,200 tons

• Italy:  Olive Oil Production = 587,700 tons

• Greece:  Olive Oil Production = 332,600 tons

• Syria:  Olive Oil Production = 168,163 tons

• Tunisia:  Olive Oil Production = 150,000 tons

• Turkey:  Olive Oil Production = 143,600 tons

• Morocco:  Olive Oil Production = 95,300 tons

• Portugal:  Olive Oil Production = 53,300 tons

• France:  Olive Oil Production = 6,300 tons

• United States:  Olive Oil Production = 2,700 tons

• Other Countries Combined:  Olive Oil Production = 169,122 tons