Severe droughts in Spain caused olive oil prices to surge by more than double their original cost.

Spain is the heavyweight of the olive oil world, producing about forty percent of the global supply. When a historic drought hit Spanish groves, the price of export oil jumped from $3.57 per kilo in 2021 to a peak of $11.19 in 2024. That is a massive 148% increase. Because Spain supplies so much of the market, a dry spell there immediately hits wallets worldwide. Suddenly, a basic kitchen staple became a luxury item.