It seems that prolonged drought and other factors will inevitably lead to a reduced production of high quality Cretan olive oil this year. According to market experts, the situation in olive oil producing villages is not optimistic with noteworthy amounts of damaged olives and thousands of parched trees. According to the weekly Price Schedule issued by the Olive Municipalities Association, the purchase price of the last year's olive harvest ranges from 2.90 to 3.20 euros, while  the majority of business buy at a price of 3 euros. Market experts stated at "Radio Crete" that given the last year's values, this year's prices should not drop below 3 euros. In any case, on 10 November the the olive producers of Heraklion are scheduling the begining of this year's olive harvest.

Source: www.ekriti.gr