Liquid gold: Why the price of olive oil is skyrocketing and what it means for Greece

Heatwaves around the Mediterranean – from Spain to Greece – have damaged olive harvests, with recent reports indicating that Europe has almost run out of local olive oil supplies. For its part, Greece- a key exporter of high quality extra virgin olive oil to the rest of the world – is expected to produce a third less than last year, and consumers are already experiencing significant price hikes on a product that is seen as essential in every Greek home.

Vasilis Frantzolas, an olive oil seminar teacher and taster and the publisher of the book “Modern Techniques for Olive Growing and Production of Quality Olive Oil”, joins Thanos Davelis to look at the scope of the crisis facing the olive oil industry today, break down what these shortages and inevitable price hikes mean for countries like Greece, and explore whether climate change is putting the future of this ancient industry at risk.