New crop carryover this year will be virtually zero compared with last year's Olive oil prices soar by 20% due to crop squeeze Olive oil prices have risen steeply during the past six weeks by over 20%, according to trade sources. The major reason is that there is a squeeze between the end of this crop and the new crop. Carryover this year will be virtually zero compared with last year's figure of 520,000 tonnes. Italian buyers have been informed by Turkish suppliers that they cannot fulfil their contracts. Italy is therefore buying from Spain, the only country with stock. This scramble will continue for the next few months and there is also concern that Turkey and Tunisia will next year have very little oil to export. However, next year trade sources indicate a far stronger market is likely. Crop prospects compared with the International Olive Oil Council's figures for this year are as shown in the table. International Olive Oil Council estimates world consumption at 2.5 million tonnes per annum. {{CANNED GOODS }}