Member States voted at the Management Committee of 16 May 2012 on a European Commission proposal to open private storage aid for olive oil (up to 180 days) for 100,000 tonnes of virgin and extra virgin olive oil. This move follows relatively low prices seen on the EU market over the past weeks.
The new regulation foresees two tenders (with deadlines for offers on June 5 and 19, and adjudications at the respective Management Committee meetings 2 days later). They will be open to operators in all olive oil producing Member States of the EU (Greece, Spain, France, Italy, Cyprus, Malta, Portugal and Slovenia). The formal decision to open of tenders will be published in the Official Journal in the coming days.
EU Agriculture and Rural Development Commissioner Dacian Cioloş stated today: "The Commission has decided to move again on private storage aid in order to address the short-term market problems for the olive oil sector. In addition to this, we shall be coming forward with an action plan in the coming weeks aimed at addressing some of the medium to long-term structural problems that the sector is facing ".