Spain's historic drought drives up olive oil prices worldwide

Spain, the world's leading producer and exporter of olive oil, is facing its lowest production in the last 30 years due to a historic drought.

The country's potential is much higher and has not been reached because of drought said a manager of olive farm. With supplies of this popular product dropping, prices have soared by more than 40 percent in the space of just a year, according to several industry associations.