A stunning new olive oil heist in Spain, this time worth more than half a million dollars, is the latest example of how record prices are fueling a crime wave in the world’s largest olive oil producer, Bloomberg reports.

Approximately 50,000 liters of extra virgin olive oil disappeared on the morning of August 30 from a press in the Córdoba region of Spain. The thieves loaded €500,000 worth of oil into two tanks, a heist which the local producers’ organization said lasted about two hours.

Theft in the food industry is nothing new, but the recent surge in crimes against olive oil shows just how hot the product has become as drought in Spain has sent prices soaring.

Shoplifting and counterfeiting is a new headache for growers, who are struggling along with extreme weather, high costs and concerns about shifting demand as shoppers hit by price hikes cut back on spending.

“Everyone is worried because prices will continue to rise and olive oil has really become a kind of liquid gold,” said Martin Parra, manager of Marin Serrano El Lagar SL, the company that was the victim of a robbery last week.

Drought reduced production

The situation in Spain’s olive oil industry is further evidence of how climate change is affecting supply.

A devastating drought has halved production in Spain for the 2022-2023 season, while production problems in Italy have limited global supplies.

This year’s heat is also threatening the future of Spain’s harvest, with farmers’ organization ASAJA expecting a poor harvest again this year.

Under such conditions, spot prices for olive oil in southern Spain doubled compared to the beginning of last year.

Price increased by 15%

The cost of a bottle of extra virgin olive oil has risen by around 15% in Spanish supermarkets since mid-July alone, according to the consumer protection association OCU.

Often, high commodity prices fuel crime, from platinum to copper to lead. (Agerpress)

In the case of olives, thieves target both freshly picked fruit or tree branches, as well as processed oil.

About 259,000 kilograms of olives were stolen in the Spanish region of Jaen in the 2022-2023 season, a 29 percent increase from the previous season, according to the government body.

To increase security, manufacturers such as Martin Parra are installing new gates or hiring security guards. According to Macarena Sánchez, president of the local association of olive oil producers, the only hope for the oil stolen in Carcabuey, Córdoba, is that the police will find the culprits, as they have no official documents to prove the product can be traced.

“But if they leave the country, the oil will definitely be lost,” says Martin Parra.