Olive Oil becoming more profitable than cocaine

Extra Virgin Olive Oil (EVOO) comes from the first press of olives and is free of any additives or diluents. It’s a deeply flavoured, aromatic oil with many health benefits. Trade is global and the finest olive oils can be very expensive. Fake olive oil often contains sunflower, soy, rapeseed and canola for the base. Fake oils are deodorized and coloured using chlorophyll. In some cases, an additional oil is added. Production costs are low and profits high. Spain is the world's biggest olive oil producer, serving 70% of EU demand and 45% of the world. The lack of rain in olive-producing areas in Spain have caused prices to spike. In the EU the average price of olive oil has risen 75% since 2021, and in Spain the price has risen 150% in the past two years. Cost inflation, reduced olive oil production, and increasing demand have created the perfect storm for fraudsters.