(ANSA) - ROME, NOV 18 - The Olive Oil and Table Olives Market Observatory, a platform for discussion and cooperation among sector experts aimed at promoting transparency in market data and short-term analysis, has started work.
    The European Commission announced the initiative, describing it as a "milestone" in Brussels' efforts to improve market conditions.
    In a statement, the EU executive explained that the new observatory will be modelled on existing market observatories for milk, crops, and fruits and vegetables. By collecting and evaluating market data and statistics, it will produce reports on the statistical evolution of olive oil and table olive production, consumption, and prices in the European market, as well as international trade.
    Brussels estimates a 24% drop in production compared to the five-year average for the latest harvest, due to recent extreme weather events such as droughts, wildfires, and out-of-season temperatures.
    EU olive oil production for the 2023/24 marketing campaign reached 1.5 million tons, an 8% increase from the previous year.
    According to the European Commission's estimates, the outlook for the 2024/25 marketing campaign looks more promising: olive oil production is expected to return to average levels. However, current challenges are likely to keep prices high for several months.
    #IMCAP Co-funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union. Neither the European Union nor the granting authority can be held responsible for them.
    (ANSA).