Moroccan Olive Oil Crisis: Prices Soar as Industry Faces Bankruptcy Threat

"Today, the olive is sold on the tree for 15 dirhams and the oil will reach 150 dirhams next year, and factories will close and their workers will be laid off," Ben Khaled said on Tuesday, during the weekly oral question session at the House of Advisors.

The MP said that the scarcity of olive trees and price speculation are the two evils plaguing the sector, also noting that more than 65 olive processing plants are at risk of going bankrupt. Ben Khaled urged the Minister of Agriculture to urgently find solutions to this crisis to avoid the worst next year.

In response, Mohamed Sadiki explained that the difficult situation this year is due to low production and heat. The Minister of Agriculture also acknowledged the speculation on olive oil prices, mentioning the possibility of banning the export of this product again, as was the case last year.