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The Great Olive Oil Shortage of 2014 Is Imminent

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The world's olive crop is predicted to be drastically smaller this year.

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Good thing butter is cool again because there may soon be a shortage of extra virgin olive oil. According to a press release, harvest reports from the "major olive growing areas around the world" show that there will be a significantly smaller crop this year. All-in-all this year's harvest  — around 2.56 million tons — appears to be nearly 20 percent lower than years past, and far below the 3 million tons consumed last year.

Experts predict that the production of extra virgin olive oil will drop "sharply" this year and that the prices for "top quality oil" will increaseThe Telegraph notes that many believe "suppliers are holding back supplies to profit from soaring prices." During these desperate times of olive oil depletion, there will likely be some degree of cheating: A recent study showed that 69 percent of oil tested did not meet "internationally accepted standards" — meaning the olive oil was mixed with other, cheaper oils — and that statistic was measured when there wasn't a shortage.

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