Have you noticed that you’re flinching a little less often lately when stocking up on olive oil? It’s not a mirage! After prices soared in the spring of this year, they began sliding downward and are stabilizing. By mid-summer, prices declined even further. Good olive growing weather conditions – the right amount of rain and sunshine, particularly across regions in Spain – meant that crops were abundant and growers had good harvests.
However, if you examine the data closely from these regions, you’ll see that not all the news is positive. Heatwaves and wildfires across France and Spain (and other countries in Europe) are affecting olive oil prices again. That means that olive oil prices are gradually becoming unpredictable again. The precise crop that growers and producers are counting on to flower is at risk. History demonstrates that, as soon as olive oil prices start falling, it’s time to brace for surges in the near future! Don’t be vulnerable to the next major olive oil price swing! Be smart and use these strategies for buying, storing, and using every drop of olive oil you have on hand.
What Actually Happened to Olive Oil Prices in 2026?
Numbers speak volumes in the saga of olive oil prices. Prices peaked at approximately 443 euros per 100 kilograms in March of this year. The price remained there until early April. The slide began then, gathering speed by mid-April. Olive oil prices dropped to approximately 380 euros per 100 kilograms by the end of June. Throughout July, they kept sliding and hit a yearly low by the end of the month. The price drop in July was the sharpest decline so far this year.
There were two things driving this price drop – the right amount of rain across Spain and other olive oil-producing countries in Europe. Producers described the global yield as substantial – a welcome change after a difficult period. The second thing that was heralded as good news for olive oil producers was a new US-EU trade agreement that eliminated the threat of new tariffs, a potential problem that had concerned olive oil importers for months. Consequently, the International Olive Council (IOC) suggested that Spain’s output rose to approximately 1.55 million tonnes, an increase from 1.39 million tonnes the previous season. Positive increases were also forecast for other olive oil-producing nations, including Italy, Greece and Turkey.
To those who contended with the sky-high prices of 2024, this was welcome news indeed.
Why the Risk Hasn’t Gone Away
What has been missing from global headlines is this: the positive news and numbers were announced before this summer’s heatwaves were considered. Two heatwaves in Spain, one in June and one in July, hit precisely when recovery crops were growing. Hence, there is a chasm between the optimistic forecast and the actual yield that will be harvested in the next few months. That gap is where olive oil prices will be determined in the coming months.
There are more warning signs rumbling beneath the surface. One olive oil producers’ association in Spain has announced that nearly 70 percent of the nation’s stock had already been sold, leaving reserves at a precariously low level. This number points to a decline in flowering fertility, irrespective of how much rainfall there was earlier this year.
This volatile pattern isn’t new, really. Industry experts predicted that olive oil prices would be high early in the season, then drop, then rise again. This pattern has played out before. However, there is another risk that buyers are only now realizing – they perhaps rely too heavily on one source for olive oil – Spain. That strain is made clear every time their source – in this case, Spain – endures a stretch of bad weather.
Why This Is Exactly the Moment to Get Your Olive Oil Storage Right
No matter how olive oil prices play out in a given year, the lesson in these wild fluctuations is that correct olive oil storage is a must. Right now, while prices are stable, is a good time to buy olive oil, but only if you know how to store your inventory correctly. Stocking up is only helpful if the olive oil is still good when you go to use it!
This is where the proper containers come in. They are almost as important as the olive oil itself. Olive oil is, of course, a perishable product, so storing it properly is a vital part of protecting your investment.
How to Store Olive Oil Properly
Keep it in a dark environment. Store olive oil in a dark or opaque container, away from windows that let light in. This is the chief reason stainless steel containers perpetually outperform glass for daily olive oil use. These containers completely block out all types of light, natural or man-made.
Keep it in a cool place. Put your olive oil in a pantry or a cupboard as far away from the oven as possible. This is particularly important if you’ve purchased some extra because olive oil prices are lower and you want to stock up a little. Never place olive oil in a cupboard above or beside the stove.
Make sure it’s sealed tight. Choose a container with a tight-fitting lid. Anti-drip spouts are also a good choice, as they limit how much olive oil flows during each use. Minimizing how much and how often olive oil is exposed to factors that degrade it is the secret to making it last, especially if you’ve bought an extra amount because prices are low.
Divide large purchases into different containers. If you decide to buy extra because olive oil prices are down, consider splitting it into separate containers, one for using regularly and one for reserve. Don’t leave your whole supply in one large, frequently opened container. Pour a small amount into a separate container with a tight-fitting lid or spout, so your entire supply isn’t getting exposed to heat, air, and light each time you open it. Take the remaining supply, tightly sealed, and tuck it into a cool, dark spot until you need to refill your daily use container.
Practical Tips to Stretch Every Drop
Although olive oil prices have dropped, persistent risks to crops mean that these costs will, inevitably, rise again in the not-too-distant future. Stretch your supply as far as possible by following these tips:
Employ portion control. Use a spout that pours out a measured amount of olive oil each time you use it. Doing this rather than “free pouring” olive oil onto a plate or salad will ensure that you waste less. You can always add more if you need it!
Have a daily use container; don’t pour from the large one. Decant olive oil into a small container for regular use and then store the large one that holds the rest of your supply. This helps preserve freshness, keeping light, heat, and air away from the large can or bottle.
Label the containers. Noting when you bought it on the container is a good way to remind yourself of the olive oil’s freshness. In addition to writing down the date it was purchased, also note the date you opened it.
Clean the dispensers often. Before refilling your regular use container, clean it thoroughly – particularly the spout. That’s where residue can build up and taint the fresh batch you’re pouring in.
Pair the container to the setting. A large can of olive oil with a tight-fitting lid is fine for a home’s pantry or a commercial kitchen’s storeroom. But on dining tables – whether at home or in a restaurant – small, elegant bottles are more appropriate. Any container that’s small, attractive, and has a controlled dispensing mechanism that’s mess-free is perfect at home or in a commercial dining room.
What This Means for Restaurants and Commercial Kitchens
The current drop in olive oil prices means a lot to commercial food service operators. They have the most to gain by this current dip, but also the most to lose if this opportunity to save passes them by. Because margins in these operations are razor thin at the best of times, seizing every chance to save, even if that means just a few cents on each litre of olive oil, can make a big difference in terms of economizing.
Prices are lower than they were in the spring, and that’s good. But risks are quietly building. Nonetheless, smarter purchasing and proper storing will go a long way toward saving food service operators a considerable amount.
Smart operators see the writing on the wall, and will buy in bulk now while olive oil prices are low. But that’s only half the strategy. The rest of the equation is correct storage, so that the olive oil supply lasts as long as possible!
The Bottom Line
Olive oil prices have dropped considerably since their peak in March, 2026, thanks to positive weather conditions across Spain and other olive oil producing countries. Now, however, heatwaves are jeopardizing this summer’s recovery crop. And as we noted earlier, reserves on hand have fallen to a worrying level recently. Furthermore, there has been a decline in the flowering fertility of olive trees. These factors indicate that, while there has been a period of easing olive oil prices recently, risks to crops and production have not disappeared.
The wisest response to the current market and the coming changes is this: don’t panic! Take advantage of the current lower olive oil prices by stocking up and storing your supply properly. Use separate containers, one for daily use and another for storing the rest of your supply. Make sure lids seal tightly, and that your extra oil is stored in a dark, cool place. These measures ensure that you get the most out of every drop you’ve purchased while olive oil prices are low.
