Press Release: Olive oil: Commission to activate private storage aid to support market

The European Commission is proposing to allow olive oil producers to tender for aid for the private storage of extra virgin and virgin olive oils for a period of 180 days and a maximum quantity of 110,000 tonnes. This is because of a significant and prolonged decrease in prices in the EU. Olive oil prices have been consistently decreasing in the EU since the beginning of the 2008/09 marketing year. On several major representative markets, the level of olive oil prices, specifically for extra virgin and virgin qualities, have over recent weeks remained below the trigger levels foreseen for private storage aid (1779 €/t for extra virgin olive oil and 1710 €/t for virgin olive oil).