Greece’s new olive oil season has opened with a first commercial deal reported at 5.95 euros per kilogram, giving producers an early indication of a market entering the harvest period with prices significantly below the levels seen over the past two years.
The deal, involving 55 tons of extra virgin olive oil, was concluded by the Agioi Apostoloi Agricultural Olive Oil Cooperative in Laconia prefecture, extreme southern Greece. Two companies, one Greek and one Italian, participated in the auction, with the Italian company ultimately securing the batch.
The opening price is well below the 7.85 euros per kilogram recorded in the first transaction of the 2025-26 season and the 10.20 euros per kilogram with which the 2024-25 season opened.
The decline comes as Greek olive producers confront a difficult combination of lower market prices and persistently high production costs. Harvesting, labor, fertilizers, energy and other agricultural expenses remain elevated, putting pressure on producers’ margins.
The new season’s opening price is considered capable of covering the costs associated with early harvesting, but producers do not regard it as particularly high given the expenses involved in bringing the crop to market.
Meanwhile, olive oil from the previous harvest is trading at around 3.40 to 3.75 euros per kilogram, well below the levels recorded in recent years.
Production to determine price trends
Greek olive oil production this season is estimated at between 280,000 and 330,000 tons, with a central estimate of around 300,000 tons.
The international market will also be crucial. Total olive oil production across the Mediterranean is expected to reach roughly 3 million to 3.2 million tons, while Spain is forecast to produce about 1.6 million tons, an increase of roughly 23% from the previous season.
The combination of higher international supply and weaker prices compared with recent years means the Greek market is entering the new season from a substantially lower base.
For Greek olive growers, the question now is whether 5.95 euros will prove to be merely the opening price as the harvest gathers pace — or establish the benchmark for the months ahead.
