Agriculture for the first time activates the withdrawal of 12% of oil production to prevent a price collapse
The ministry launches the mechanism provided for surplus campaigns, disputed by part of the industry, packers and Competition.
The Spanish Ministry of Agriculture plans to activate a new mechanism on Friday to regulate the olive oil market. The scheme aims to withdraw 188,000 tonnes of olive oil from the market to control supply and halt the decline in prices. The move has raised concerns with the National Commission for Markets and Competition (CNMC). This season's olive oil production is expected to be the fourth highest on record, but prices have fallen to around €3 per kilogram, causing discontent among producers.
Written by urgent.news from El Pais Economia's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
