Olive oil prices and Spain's 12% withdrawal

Olive oil market digest for week 46 of 2026

A resolution published in Spain's official gazette on 6 November requires every olive mill to keep 12% of its monthly declared production in storage until 30 September 2027, starting with November output, and the agriculture ministry puts the volume at about 188,000 tonnes. Deoleo's board signed a binding agreement on 5 November to sell 91.99% of Deoleo Holding to Acesur and Dcoop, at an enterprise value of €520 million for the whole company. In Italy, stocks at 31 October were 194,539 tonnes, 40% more than a year earlier, while Poolred data put Spanish extra virgin at €3.175/kg for 3 to 9 November and the Junta de Andalucía observatory at €3.03/kg for week 45.

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Spain's olive oil market

The agriculture ministry's Directorate-General for Agricultural Production and Markets signed the resolution on 4 November, and it was published in the official gazette (BOE) on Friday 6 November, taking effect that day. It sets the percentage that Orden APA/1145/2026, which capped the withdrawal at 20%, had left open under article 167 bis of the EU regulation on the common organisation of agricultural markets.

Each mill must keep in storage 12% of the production it declares every month. The obligation applies from the production declared for November 2026, so October, the first month of the campaign, is not included, and the oil stays off the market until 30 September 2027, in the mill's own facilities or in those of a third party. The resolution bases the percentage on opening stocks of 357,040 tonnes and estimated 2026/27 production of 1,602,596 tonnes, and allows changes in the terms set by the order.

The ministry's press note adds two points that are not in the BOE text. It puts the volume at about 188,000 tonnes, and it says the percentage can be changed from 31 December 2026 depending on how production develops. By our calculation, 12% of 1,602,596 tonnes is 192,312 tonnes, and the note does not explain how it reached 188,000 tonnes.

Minister Luis Planas, visiting a cooperative in Montilla, Córdoba, on 6 November, called the measure extraordinary and temporary and fully compatible with European rules. According to the ministry's note, it answers a request from the farm organisations Asaja, UPA and COAG and from Cooperativas Agro-alimentarias.

Jesús Cózar of UPA Andalucía said prices are around three euros and that profitability starts at €4.5, and Eduardo Martín of Asaja Sevilla said that a year ago oil was above 4.90 and is now barely above three euros, with neither stating the unit, and Vozpópuli reported that the farm groups would have preferred a figure closer to 20%.

Luis Carlos Valero, manager of ASAJA-Jaén, said it is the first time the mechanism will be used, while eldiario.es reported that the packing industry has said it will appeal, as it did against the 2025/26 rule, without naming any association.

Poolred data published by ASAJA-Jaén early on Monday 9 November put extra virgin at €3.175/kg on 1,495 tonnes, virgin at €2.796/kg on 102 tonnes and lampante, the lowest grade of virgin olive oil, at €2.732/kg on 999 tonnes for 3 to 9 November, with an average of €2.989/kg across all grades on 2,596 tonnes and 53 trades.

ASAJA's own report shortens the three prices to €3.17/kg, €2.79/kg and €2.73/kg. It came out on the last day of the period, so it is a snapshot rather than a closed week, and as last week's snapshot, with extra virgin at €3.152/kg, was also published before its week closed, no weekly change is calculated here.

The Junta de Andalucía's price observatory put extra virgin at Andalusian mills at €3.03/kg and virgin at €2.93/kg for week 45, 2 to 8 November, both unchanged on week 44, while lampante fell from €2.84/kg to €2.72/kg. The values for weeks 40 to 44 are the same as those shown on the page a week earlier.

Olive oil prices at Andalusian mills, weeks 40 to 45 of 2026

Extra virgin, virgin and lampante olive oil at Andalusian mills, weeks 40 to 45 of 2026, in €/kg, as shown on the Junta de Andalucía's price observatory page on 11 November 2026. The page does not state the unit. Source: Junta de Andalucía, Observatorio de Precios y Mercados.

Members of ANIERAC, the association of olive oil packers, sold 281.1 million litres of olive oils in 2025/26, 6.18% less than in the previous campaign, of which 131.0 million litres were extra virgin, 8% less. AICA had not published its October data, the first month of 2026/27, by 11 November, and the latest month available is still September.

Current origin quotations (Poolred via ASAJA-Jaén, 3 to 9 November):

Extra Virgin Olive Oil (EVOO): €3.175/kg
Virgin Olive Oil (VOO): €2.796/kg
Lampante Olive Oil: €2.732/kg

The sale of Deoleo to Acesur and Dcoop

Deoleo told the market regulator CNMV on 5 November that its board had signed a binding agreement to sell about 91.99% of its subsidiary Deoleo Holding to Acesur and Dcoop, as reported by The Objective and Europa Press. The deal implies an enterprise value of €520 million for 100% of Deoleo Holding. Deoleo owns 50.99% of it and estimates its own proceeds at €190 to €200 million, before up to €80 million that all the sellers together leave in escrow, and its main shareholder, Ole Investments, with 56.96%, has committed to vote in favour.

The sale needs competition approval in Spain and the United States, Italian clearance for foreign investment and a Deoleo shareholders' meeting, and Mizkan must not give notice ending the Bertolli licences within two months. Deoleo expects the approvals to take six to eight months. The terms of the filing come from these reports, as the filing itself could not be opened, and Deoleo's shares closed at €0.273 on 5 November, down 21.1%.

Greece's olive oil market

In Messinia the first Koroneiki deals were made at €3.00 to €3.30/kg, Agrocapital reported on 6 November without naming its sources, with €3.00 to €3.10/kg in Chandrinou, €3.10 to €3.20/kg in Pylos and €3.20 to €3.30/kg in Chora.

In Crete, producer prices for extra virgin are about €3.20 to €3.40/kg, according to the local news site CNA on 10 November, which does not say whether the price is for new oil. The Panis mill in Arta puts the preliminary oil content of the fruit at about 13%, and a mill in the village of Skoura, in Laconia, puts the wholesale price at about €3.60/kg, Olivenews reported on 10 November. No new cooperative sale in Laconia was reported between 4 and 10 November. Oleista's Greek row for week 45 gives extra virgin at €3.30/kg, virgin at €2.80/kg and lampante at €2.35/kg.

Prime Minister Kyriakos Mitsotakis spoke in Kalamata on 5 November, and the live coverage of the visit reported no measure for olive oil. The day before, the Chandrinou farmers' association asked for guaranteed minimum prices that cover the cost of growing and harvesting, compensation, more effective olive fly control and lower fuel and electricity costs.

The Hellenic Competition Commission carried out unannounced inspections on 4 November at businesses that buy, process, pack and trade table olives and at a related business association, over suspected coordination of purchase prices, SKAI reported quoting the Commission's announcement. An inspection is not a finding of infringement.

Current quotations (Greece):

First Koroneiki deals in Messinia, 6 November: €3.00 to €3.30/kg
EVOO, Oleista, week 45: €3.30/kg
VOO, Oleista, week 45: €2.80/kg
Lampante, Oleista, week 45: €2.35/kg

Italy's olive oil market

The ICQRF inspectorate's report puts Italian olive oil stocks at 31 October at 194,539 tonnes, 40% more than the 138,982 tonnes of a year earlier and 0.3% less than the 195,044 tonnes at 30 September. Extra virgin accounted for 150,007 tonnes, 55.1% more than a year earlier, and Italian-origin extra virgin for 88,407 tonnes, 7.6% more than in September and 79.9% more than a year earlier. The report also lists 2,406 tonnes of virgin, 9,270 tonnes of lampante, 12,988 tonnes of olive oil blended from refined and virgin oils and 15,669 tonnes of pomace oil.

These categories add up to about 4,200 tonnes less than the total, by our calculation, so they are not a full breakdown. The report was out by Monday 9 November and was read through OlivoNews and the Geagency news agency, as the ministry's own file could not be opened. OlivoNews also reports that by 31 October Puglia had milled less than 6,000 tonnes of new oil and Tuscany more than 9,000 tonnes.

The Guardia di Finanza and the ICQRF placed about 174 tonnes of extra virgin under administrative seizure at a plant in the province of Foggia on 4 November, GrNet and La Milano Foggia reported. The oil, valued at over €1.5 million, comprised 126,129 kg declared as Greek-origin extra virgin and 47,848 kg of organic extra virgin declared as Italian, and the plant held more oil than its electronic register showed. Checks for possible unfair commercial practices continue, and no fraud has been established.

ISMEA has still published no estimate for 2026/27. Oleista's Italian row is still for week 44, with extra virgin at €5.18/kg, and does not name its source.

Current quotations (Oleista, week 44):

EVOO: €5.18/kg
VOO: €3.00/kg
Lampante: €2.69/kg

Portugal's olive oil market

No SIMA bulletin was published after week 43, when the ministry's bulletin put bulk extra virgin at €3.55/kg, and the statistics institute INE published no new olive forecast between 4 and 10 November. The IOC's preliminary figure for Portugal in 2026/27 is 195,000 tonnes.

Preliminary IOC production figures for 2026/27

The IOC Advisory Committee met in Madrid on 29 October, and its preliminary figures for 2026/27 put EU olive oil production at about 2.4 million tonnes, with 1.6 million tonnes for Spain, 300,000 tonnes for Greece, 280,000 tonnes for Italy and 195,000 tonnes for Portugal. The IOC does not say who produced the country figures. For Italy, the industry association Assitol said about 260,000 tonnes on 26 October, so the two estimates differ.

Olive oil production in 2026/27 in the IOC preliminary figures

Olive oil production in 2026/27 in Spain, Greece, Italy and Portugal, in tonnes, from the preliminary figures of the IOC Advisory Committee of 29 October 2026. Assitol puts Italy at about 260,000 tonnes. Source: International Olive Council.

Tunisia's olive oil market

ONAGRI data show exports of 399,300 tonnes from November 2025 to September 2026, the first 11 months of the 2025/26 campaign, 48.6% more than the 268,600 tonnes of a year earlier, Managers reported on 9 November. Bulk oil made up 339,500 tonnes, or 85%, and packaged oil reached 59,800 tonnes, 47.2% more, while the average export value was 13.02 dinars per kg in September 2026, against 13.34 dinars a year earlier, a fall of 2.4%. Revenue rose by 39.4% to 5,016.4 million dinars, from 3,599.1 million, and Spain took 31.0% of the volume, Italy 19.9% and the United States 19.8%, according to L'Economiste Maghrébin, which carried the same release.

There is still no official estimate for 2026/27, and between 4 and 10 November there was no ONH purchase price and no start of the storage scheme approved on 23 October. Fathi Ben Khelifa, economic adviser to the farmers' union UTAP, told Jawhara FM on 10 November that output could be 250,000 to 300,000 tonnes of oil, against about 500,000 tonnes last season, and called the figure indicative. Hamadi Boubakri of UTAP put oil yields at 8% to 10% in the north and 12% to 13% in the centre.

Olive oil estimates for Morocco and Turkey

Morocco's olive interprofession Interprolive said on 8 November that the olive harvest is down by 30% to 40% on the previous campaign and that prices in several regions do not cover the cost of production and harvesting. The figure refers to olives and not to oil, and the agriculture ministry has published no estimate.

In Turkey, Mustafa Tan, chairman of the national olive council UZZK, told Cumhuriyet that 588,000 tonnes of olive oil and 1,163,000 tonnes of table olives are expected in 2026/27, from 4,030,000 tonnes of olives, citing data from the agriculture ministry and the statistics office TÜİK. This is not a formal UZZK estimate, and the olive figure differs from TÜİK's first estimate of 3,814,000 tonnes in May. Tan put the market price at 170 to 180 lira against a cost of at least 250 lira, without stating the unit.

Olive oil tariffs in the United States

It is still not confirmed in a US government source whether olive oil is exempt from the 10% tariff on EU goods under the Section 301 notice.

EVOO cross-market snapshot

EVOO price comparison by country, week 46 2026

Extra virgin olive oil at origin, €/kg. Each bar comes from a different source and period, shown under the country name, so the chart is indicative. The first Koroneiki deals in Messinia were reported at €3.00 to €3.30/kg and Cretan producer prices at €3.20 to €3.40/kg.

Market outlook

Spanish mills now have to keep 12% of their monthly production in storage from November, a volume the ministry puts at about 188,000 tonnes, while Poolred put extra virgin at €3.175/kg for 3 to 9 November and the Junta at €3.03/kg for week 45. Italy enters 2026/27 with 194,539 tonnes in stock, the IOC's preliminary figures put EU output at about 2.4 million tonnes, and Tunisia, Morocco and Turkey still have no official forecast. The sale of Deoleo to Acesur and Dcoop still needs competition approval in Spain and the United States and Italian clearance, which Deoleo expects to take six to eight months.

The next figures to watch are the Poolred data for 10 to 16 November, around 16 November, AICA's October data in mid-November, the first month of 2026/27, and the ICQRF stock report for 30 November in early December. From 31 December the Spanish percentage can be changed, and the window for Mizkan's notice on the Bertolli licences runs to early January.

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