Italian olive oil surplus fuels protests as prices plunge and banks strain

A wave of protests erupted in Bari and across southern Italy after the Ministry of Agriculture reported that 195,044 tons of extra-virgin olive oil remain in storage tanks, up 46.7% from a year earlier. The surplus has driven wholesale prices from a high of 10 euros per kilogram to roughly 4 euros in markets such as Foggia, according to ISMEA data. Mill owners, who bought olives at higher prices, are now over-exposed to banks and have stopped purchasing from growers for the new harvest.

Farmers, under the banner Orgoglio Olivicolo, demand an extraordinary banking moratorium that would require a state of agricultural crisis, as well as tighter traceability and inspections to prevent low-cost foreign oils from being sold as Italian. Local officials, including the mayor of Bari, have requested comprehensive sampling of supermarket oils and checks for pesticide residues. The crisis is linked to a rebound in Spanish olive production, which has intensified competition and widened the price gap between Italian and other EU oils.