Olive oil, a widely used ingredient in cooking due to its versatility and health benefits, is facing a surge in prices globally, particularly in Spain, the leading producer of olive oil. With Australia heavily reliant on imported olive oil from Spain, the impact of drought conditions there has led to a 71% increase in the price of extra virgin olive oil in Spain within a year, as reported by the European Commission. Extreme weather has not only affected Spain but also olive-growing regions across Europe, forcing growers to take protective measures to safeguard their crops and storage facilities from potential theft.
Chef Kirsten Bacon offers a variety of alternative cooking oils that can be used as substitutes for olive oil in different recipes. Sunflower oil is recommended for salad dressings and can be used for frying, providing a comparable taste to olive oil. For frying at high temperatures, rice bran oil extracted from the outer layer of brown rice is suggested, keeping in mind its processed nature and the need to use it sparingly to maintain quality.
Australia's olive growers, like Robert McGavin of Cobram Estate Olives, are facing challenges with lighter crops due to adverse weather conditions, contributing to the increase in olive oil prices. However, there is hope for a potential decrease in prices after Europe's upcoming harvest season, which may see Spain increasing production due to improved conditions, according to Michael Southan of the Australian Olive Association. The transition to alternative oils such as canola, sunflower, sesame, and rice bran oil offers consumers cost-effective options without compromising on taste or cooking quality.