PRIVATE STORAGE FOR VIRGIN OLIVE OIL ARRIVES
In recent months, the trend in the Spanish, Greek, and Portuguese markets has been a decline in virgin olive oil prices, bringing them close to the reference thresholds established in Article 1 bis, paragraph 1, letter (g), of Council Regulation (EU) No 1370/2013 of 16 December 2013.
This price decline is a result of favorable harvest prospects across the European Union, stock accumulation, and current uncertainties in foreign trade.
To reduce the existing imbalance between supply and demand and alleviate the difficult market situation, aid for private storage of virgin olive oils will be granted.
To this end, the European Commission has approved Implementing Regulation (EU) 2019/1882, issued on 8 November 2019, which initiates tendering procedures concerning the amount of aid for the private storage of olive oil.
This regulation provides financial support through the European Agricultural Guarantee Fund (EAGF) to economic operators (mills, packaging companies, and organizations grouping any of these entities) involved in the olive oil sector who immobilize virgin or extra virgin olive oil for a period of 180 calendar days.
In Andalusia, the Resolution of 14 November 2019, issued by the Directorate-General for Direct Aid and Markets, has been published. This resolution implements the call for aid established under Implementing Regulation (EU) 2019/1882, initiating tendering procedures concerning the amount of aid for the private storage of olive oil.
Four bidding periods have been established, each closing at 12:00 PM (Brussels time):
- First bidding period: From 21 November 2019 to 26 November 2019.
- Second bidding period: From 12 December 2019 to 17 December 2019.
- Third bidding period: From 22 January 2020 to 27 January 2020.
- Fourth bidding period: From 20 February 2020 to 25 February 2020.
Source: Ministry of Agriculture, Livestock, Fisheries, and Sustainable Development of the Regional Government of Andalusia.
