Spain's Deoleo, the world's largest olive oil producer, stated that the multi-year drought-driven crisis, which caused prices of "liquid gold" to surge, is ending as a favorable 2024-25 harvest gets underway in Spain. This suggests that olive oil prices at supermarkets are expected to decline in the months ahead. 

Miguel Ángel Guzmán, chief sales officer at Deoleo, told CNBC, "We are still going through a phase of tension in olive oil prices, especially in the higher quality oils, such as extra virgin.

"However, the outlook is positive for the coming months, as the market is expected to begin to stabilize and normality is expected to be gradually restored as the new harvest progresses and supply increases," Guzmán said. 

He added, "Although there have been steps towards improvement, it would not be entirely accurate to say that the crisis is over." 

Spot prices for Spanish Olive Oil Extra Virgin peaked at 8,835 euros a ton in late January and have since tumbled into a bear market (-43.5%), sliding to around 5,145 euros by late fall. This is mainly because estimates point to improved harvests in the top-producing countries of Spain, Greece, and Tunisia. 

Bloomberg's Javier Blas pointed out, "Retail olive oil prices will follow down very soon (they have already in origin countries like Spain / Italy)." 

CHART OF THE DAY: As the 2024-25 harvest gets underway in Spain and the rest of the Mediterranean, **wholesale** olive oil prices have crashed.

Retail olive oil prices will follow down very soon (they have already in origin countries like Spain / Italy) #oliveoil #aceitedeoliva pic.twitter.com/kuEzW0gm5D

— Javier Blas (@JavierBlas) November 18, 2024

Here's our coverage on the olive oil crisis:

Great news, consumers.