Surging prices and drought-driven shortages lead to chainsaw-wielding thieves

  • Surging olive-oil prices have led to an increase in theft and crime across Mediterranean groves
  • Thieves are using chainsaws to steal heavily laden branches and even entire trees
  • Growers are facing high production costs and climate change, resulting in fewer olives
  • Some growers are harvesting early to avoid long-term damage to their trees
  • Global olive-oil production is expected to shrink due to a two-year drought in Spain
  • Benchmark prices for extra-virgin oil have more than tripled since 2019
  • Police have made arrests and retrieved stolen olives in various countries

The surge in olive-oil prices has led to a rise in theft and crime across Mediterranean groves. Thieves are resorting to using chainsaws to steal heavily laden branches and even entire trees. This has resulted in fewer olives for growers who are already facing high production costs and the effects of climate change. Some growers are being forced to harvest early to avoid long-term damage to their trees. The global olive-oil market has been disrupted by a two-year drought in Spain, which is expected to shrink global production. Benchmark prices for extra-virgin oil have more than tripled since 2019, leading to higher prices for consumers. Police have made arrests and retrieved stolen olives in various countries, but the economic damage to growers is significant. The rise in olive-oil theft is threatening the history and traditions of these ancient groves.

Factuality Level: 7
Factuality Justification: The article provides information about the rise in olive oil thefts in Greece, Spain, and Italy due to surging olive oil prices. It includes quotes from growers and farmers who have been affected by the thefts. The article also mentions the impact of the thefts on olive growers and the measures they are taking to protect their crops. The information provided is specific and relevant to the topic, and there is no obvious bias or opinion masquerading as fact. However, the article lacks in-depth analysis and could benefit from more context and background information.
Noise Level: 3
Noise Justification: The article provides relevant information about the rise in olive thefts due to surging olive-oil prices and the impact on growers. It includes examples from Greece, Spain, and Italy. However, there is some repetitive information and the article could have provided more analysis on the long-term trends and potential solutions to address the issue.
Financial Relevance: Yes
Financial Markets Impacted: Surging olive-oil prices may impact the global olive-oil market and consumers.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the impact of surging olive-oil prices on the olive-growing industry in Greece, Spain, and Italy. While there is no mention of an extreme event, the financial markets and consumers may be affected by the increase in prices.
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Reported publicly: www.marketwatch.com