Brussels, 08/02/2012 (Agence Europe) - On Tuesday 7 February, the single CMO (common market organisation) management committee gave its approval to a proposal from the European Commission that private aid be triggered for up to 100,000 tonnes of virgin and - for the first time - extra virgin olive oil. Storage will be for a maximum of 150 days. The management committee vote on the first partial invitation to tender is scheduled for 23 February (tenders to be submitted between 17 and 21 February). This olive oil market management measure is likely to cost the Community budget up to €19-20 million.
Aid for private storage of olive oil was most recently granted in October 2011 (Regulation 1023/2011). Two partial invitations to tender were made (management committee meetings of 27 October and 10 November 2011) for almost 44,338 tonnes of olive oil.
For the second consecutive week, the price of extra virgin olive oil is below the private storage activation level (98%). The Italian and Greek markets are stable but prices are well below what they were in February 2011.
Virgin olive oil prices in Spain and Greece have been below the trigger level for several weeks (97% and 90% respectively). (LC/transl.rt)