Olive oil prices have reached record highs due to severe droughts in major producing countries, leading to an increase in thefts of the cooking oil. Global prices for olive oil rose to $8,900 per ton in September, with Spain, Italy, and Greece all experiencing reduced production due to drought conditions. Spain, the largest producer of olive oil, saw a drop of over 50% in production. The soaring prices have led to thefts, with one company losing €420,000 worth of olive oil. Additionally, Turkey has suspended bulk olive oil exports, exacerbating the limited supply.