"Spain's historic drought signals Europe's future agricultural challenges"

Heat and drought in the Mediterranean have caused a decline in olive oil production, leading to a spike in prices. The global price of olive oil has reached a 26-year high of almost $6,000 per metric ton. Spain, the world's top olive oil producer, has seen a 50% decline in production, while Italy's production has fallen by 37%. However, Greece is expected to boost its yield as the center of olive production moves eastward, and Turkey's production has almost doubled, leading to a tripling of its olive oil exports for 2023.