Dear Prairie Oils & Vinegars customers,

As many of you know, the last few years of olive oil harvests have presented many challenges to growers and distributors. These challenges include drought and challenging climate conditions, shipping and global transport issues, and more, resulting in lower olive oil market stocks and dramatic price increases. Thankfully, our team in Spain and Italy paid close attention to market conditions and has carefully guided us regarding our product and is varying value over the past few years. Although we are not immune to price swings, with proper planning and strong relationships with our producers in the Mediterranean, we had been able to keep stable pricing for some time.

This spring, we made the decision to raise our prices on oils and vinegars. This is necessary to support our producer's family-owned farm and mill, and help keep our producer's position in the global 2024 market strong.

Our goal is to always provide our customers with the same fresh, highest quality, premium product which you have counted on from us for over the past 12 years. For more information, see below. And as always, if you have any questions, please let us know. We are available by email at info@prairieoils.ca. Thank you for being part of our community of amazing customers.

Owner, Bev Penner and the staff at Prairie Oils & Vinegars



  • Two consecutive years of extreme drought in Spain have significant impact.
  • Spain, representing 55% of global supply, sets the olive oil price floor for all grades of EVOO.
  • Water reservoir levels in Spain are really low due to drought. They are now at 19.6% of the ten-year average. In 2023, water levels were down 61% versus the last ten years.
  • The scarcity of quality EVOO pushes up the price. 
  • Green EVOO olive fruit is the ideal for creating premium EVOO. On green olive fruit, the prices were astronomical, with farmers demanding record-high prices for the lower-yielding green fruit. Green Premium EVOO pricing is up 65% in 2024 versus last January 2023 (and 165% versus January 2022).
  • Lower yields prevail across all of the Mediterranean, not just Spain. The wide-spread scarcity pushes up price. Turkey, Syria, and Morocco are banning bulk exports; pushing up global prices to preserve their national market demand. The result is less available bulk oil for export markets.
  • Tunisia has limited its bulk exports to EU member states and added a VAT tax/duty, further increasing bulk prices to Italy and Spain, its primary customers.
  • Freight rate relief was positive earlier in 2023, but since the Red Sea conflict began, sea container freight rates have increased by 30% as of Jan. 2024.
  • Global tensions and extreme water shortfalls in major canals create vessel log jams in major canals and waterways. This adds to slower shipping times and higher rates.


  • MillPress Imports (distributors) and our producers in Spain ( Tim Balshi and Soraya Aguilar) represent an experienced network in the Mediterranean. This is a great resource to us at Prairie Oils & Vinegars. 
  • Our suppliers have been resourceful and worked hard to find opportunities to buy green olive fruit in the increasingly competitive market. They have utilized long-term vendor mill relationships to ensure their position in the olive oil industry so they can continue to supply their retailers - us! 


  • We have ample stock of EVOO. In 2023-2024, our producers made strategic purchases in anticipation of a harvest shortfall to cover medium-term needs to protect our customers.