The aid scheme for private storage of olive oil adopted in November 2019 has worked well, according to the European Commission. The last tendering procedure took place on Thursday 27 February (see EUROPE 12374/14).
Overall, the scheme covered a total volume of 213,500 tonnes of olive oil, which represents about 27% of total EU stocks at the beginning of the 2019/2020 marketing year.
The fourth and final tendering procedure ended with a maximum aid of €0.83 per day per tonne for extra virgin, virgin, and lampante olive oil, covering a volume of 41,600 tonnes to be stored for 180 days.
EU Agriculture Commissioner Janusz Wojciechowski said: “After months of market imbalance, I’m proud to see the last tendering conclude on a positive note. It is too early to see the full impact of the support measure, but the first signs of price recovery are already visible”. The Commission “will remain vigilant and continue to monitor closely market developments in the olive oil sector”.
Overall, most of the offers came from Spain, where the market is particularly under pressure and stocks are exceptionally high. The third tender was the most successful, as a majority of the total stock entered the scheme. (Original version in French by Lionel Changeur)