Theft of olive oil would likely affect more mills this year, says Spanish officials

Unprecedented droughts in key producing nations have shrunk supplies, propelling global olive oil prices to $8,900 per ton in September—and driving up the theft of the beloved cooking oil.

The month of August had already seen a 130% increase in the average price of oil, compared to the year earlier, per the U.S. Department of Agriculture.

The rising olive oil prices and the reduced supply have led to organized criminal activity that has gripped the industry in top grower Spain as prices there grew by 52%.

In August, approximately 50,000 liters of extra virgin olive oil valued at more than $450,000 was stolen from a local oil mill.

According to officials in Spain, the thefts would likely affect more mills this year because the high price of the oil is tempting criminals.