Corina Pons & Emma Pinedo

MADRID, Reuters – The rise in prices for sunflower oil after Russia invaded Ukraine has created an opportunity to produce olive oil.

Even though Spanish supermarkets restricted sunflower oil purchases to only a couple of bottles per person in Spain, shelves began to run dry prompting sellers to replenish their stock with homegrown alternatives.

Primitivo Fernandez is president of the National Association of Edible Oil Bottlers. Because we have sufficient olive oil, Spain’s bottled oil consumption can be guaranteed.

Around 40% of Spain’s total imports from Ukraine are sunflower oil, or 400,000 tonnes. This is in addition to the 300,000.00 tonnes produced by Spain.

According to the most recent official data, sunflower oil prices have risen 64% over the past week.

According to Spanish state TV, market research firm NielsenIQ reported that customers bought more edibile oil than they did the previous week of 2021.

Retailers have urged people to avoid panic-buying like they did in the COVID-19 period.

It happened in 2020 with toilet paper, but now with flour and sunflower oil. Juan Roig (owner of Spain’s biggest supermarket chain Mercadona) said that hoarding is the only thing.

Spain is the world’s largest producer of olive oil and exporter of refined and virgin oils.

It is expected to have 1.5million tonnes of olive oil, and an additional 250,000 tonnes olive pomace (a more refined product) in order to meet the shortage of Ukrainian imports.

Spain is also hoping to increase olive oil sales to France, Germany and the neighbouring countries. Fernandez indicated that “we are confident” this opportunity exists. Fernandez stated, “We are likely to be able reach new customers.”

A MATTTER OF TASTE

Spanish officials have joined the chorus of those calling for olive oil to solve shortages. Luis Planas, Agriculture Minister in Spain, stated on March 14 that it could easily be exchanged with sunflower oil.

He said that he had personally confirmed in the supermarket that certain olive oils were labelled oil for frying. This is a tangible demonstration of its potential use for that purpose.

However, some chefs and producers of processed food, such as fish canneries, bakeries and restaurants, don’t believe the oils can be interchangeable.

The team at the Mallorca Patisserie Factory in Southern Madrid works in full-pelt frying, which is a recipe for sweet, sugary, and milky confections that are cooked in large pots of sunflower oil.

Jacobo Moreno is one of the original owners of the Madrid chain, established over 90 years ago. To ensure quality for special Easter seasons, he said he had no choice but to accept the price of sunflower oil, rising from 1.2 Euros to 2.60 euro per litre in four days.

This oil still costs less than olive oil which is around 4 euros per bottle.

He stated that although olive oil is a popular product in Spain, it is not appropriate for baking due to its strong flavour.

Ruben Moreno pardo, Secretary General of the Spanish Confectionery Association, stated that biscuits and chocolate creams used to fill pastries with, as well as packaged breads, must be made from sunflower oil. His statement said that the stock of sunflower oil is at most two weeks short.

Although his industry has begun to investigate vegetable oils, such as coconut or corn oil, Spain still lacks a steady supply.

At least half the production of canned fish is made with sunflower oil. Juan Vieites, secretary general of the national canning association, stated that they use olive oil as well, but are concerned about customers being put off by its stronger taste and high cost.

Alejandro Aguilar is reluctantly switching to olive oil as his supply of sunflower oil expires to fry fish at his restaurant in Ronda.

“We plan to fry with olive oil, there is no other choice. “I don’t like any oil,” he stated.