Olive Oil
Olive oil is the oil obtained from the fruit of Olea europaea. The fruit is milled and the oil separated mechanically, without solvents, which is what distinguishes the virgin grades from every other vegetable oil in commerce. It is the cooking and finishing fat of the Mediterranean basin and a global staple in food service, retail and food manufacturing, and it is also used in cosmetics, soap and pharmaceutical preparations. Oil that fails the virgin standard is refined, and the residue left in the pomace is separately extracted.
Listed olive oil markets
Each line is a grade at a delivery point. Open one for its full specification and terms.
Grades
Olive oil is graded by an internationally harmonised set of trade designations, each defined by a combination of free acidity, peroxide value, spectrophotometric absorbency and a formal sensory panel result. The designation on the contract is a legal category, not a marketing tier.
Trade designations
9 grades
| Grade | Definition |
|---|---|
| Extra virgin olive oilVirgin oil meeting the tightest chemical limits and showing zero sensory defect | Free acidity, peroxide value and the ultraviolet absorbency figures all within the extra virgin limits, plus a median defect of zero and a positive median fruitiness from an accredited panel. Both halves are required. |
| Virgin olive oilVirgin oil within the wider virgin limits and a small permitted sensory defect | Same mechanical extraction, looser acidity and a non zero median defect within the stated ceiling. |
| Ordinary virgin olive oilVirgin oil above the virgin limits, where the destination market recognises the category | Not permitted for direct retail sale in every market. |
| Lampante virgin olive oilVirgin oil failing the virgin limits | Not for consumption as produced. It goes to a refinery. |
| Refined olive oilLampante oil refined by methods that do not alter the glyceridic structure | Neutral. Cannot be sold as virgin. |
| Olive oilA blend of refined olive oil and virgin olive oil | The common retail cooking category. The blend proportion is a contract term. |
| Crude olive pomace oilSolvent extracted from the pomace left after milling | Not olive oil in the trade sense and never sold as such. |
| Refined olive pomace oilCrude pomace oil refined | A separate commodity with its own price. |
| Olive pomace oilRefined pomace oil blended with virgin olive oil | Labelled and contracted distinctly from olive oil. |
Processing route and form
7 grades
| Grade | Definition |
|---|---|
| Cold extractionMalaxation and separation with the paste held below a stated temperature | A defined process claim with a temperature ceiling, not a description. |
| Two phase or three phase decanterDeclared | Determines water use, pomace moisture and the polyphenol level that survives into the oil. |
| Time from harvest to millDeclared in hours | The single largest controllable driver of free acidity and of defect. Fruit that sits ferments. |
| Single estate, single variety or blendDeclared, with the cultivars named | Picual, Arbequina, Hojiblanca, Koroneiki, Coratina, Frantoio, Chemlali and Arbosana behave differently and price differently. |
| Early harvestDeclared, with the harvest dates | Green fruit gives lower yield, higher polyphenols and a more bitter, pungent oil. |
| FiltrationDeclared: unfiltered, filtered to a stated micron rating, or winterised | Determines clarity and behaviour at low temperature. |
| OrganicCertified under the destination market scheme, with dedicated pressing | Named on the contract with the certifier and certificate number, because the press line has to be documented as well as the crop. |
Quality and condition
17 grades
| Grade | Definition |
|---|---|
| Free acidityPercentage, expressed as oleic acid | Determined by ISO 660. The primary category boundary. |
| Ultraviolet absorbencyK232, K268 and delta K | Detects refining and oxidation. A category boundary in its own right. |
| Sensory panelMedian defect and median fruitiness, by an accredited panel | A formal analytical method with trained assessors, not a tasting opinion. Extra virgin requires a median defect of zero. |
| Total polyphenolsMilligrams per kilogram, as hydroxytyrosol equivalents | Carries the bitterness and pungency, drives the shelf life, and underpins the permitted health claim in several markets. |
| Alkyl estersMilligrams per kilogram, ethyl esters of fatty acids | Detects fruit that fermented before milling. The main deodorised soft column marker. |
| Free fatty acidsPercentage, expressed as the stated reference acid | Determined by ISO 660. The controlling commercial figure. It rises with poor fruit or seed, slow processing and wet storage. |
| Peroxide valueMilliequivalents of active oxygen per kilogram | Determined by ISO 3960. Measures oxidation already under way. |
| Anisidine valueDimensionless, by the standard method | Determined by ISO 6885. Measures secondary oxidation, which peroxide value alone will miss in an oil that has already turned over. |
| TotoxTwice the peroxide value plus the anisidine value | The combined oxidation term, where a buyer contracts one number. |
| Moisture and volatile matterMaximum percentage by mass | Determined by ISO 662. |
| Insoluble impuritiesMaximum percentage by mass | Determined by ISO 663. |
| ColourLovibond red and yellow in a stated cell length, or a stated instrumental scale | Measured, not described. |
| Saponification valueMilligrams of potassium hydroxide per gram | Determined by ISO 3657. An identity figure. |
| Unsaponifiable matterMaximum percentage by mass | The fraction that is not fatty acid. Carries the sterols, tocopherols and the value in the cosmetic trade. |
| Refractive indexAt a stated temperature | A fast identity and adulteration check. |
| Soap contentMilligrams per kilogram | Applies to refined oil. Residue from neutralisation. |
| PhosphorusMilligrams per kilogram | The measure of residual gums. Governs whether the oil will behave in downstream processing. |
Composition and authenticity
8 grades
| Grade | Definition |
|---|---|
| StigmastadieneMilligrams per kilogram | The definitive marker for refined oil blended into a virgin oil. |
| ECN42 differenceDifference between the measured and the theoretical triacylglycerol content | Detects seed oil blended into olive oil. |
| WaxesMilligrams per kilogram | Separates olive oil from pomace oil. |
| 2-glyceryl monopalmitatePercentage of the total palmitic acid at the 2 position | A further check for esterified oil. |
| Fatty acid profilePercentage of each fatty acid by gas chromatography of the methyl esters | Determined by ISO 12966. The fingerprint of the oil and the first authenticity check. |
| Sterol compositionPercentage of each sterol and total sterol content | Determined by ISO 12228. Detects blending with a cheaper oil that shares a similar fatty acid profile. |
| Tocopherols and tocotrienolsMilligrams per kilogram, by HPLC | The natural antioxidant content. Governs shelf life and is a value term in cosmetics. |
| Triacylglycerol compositionBy HPLC, reported as the distribution | A second authenticity layer, because it is far harder to counterfeit than a fatty acid profile. |
Contaminants
8 grades
| Grade | Definition |
|---|---|
| Polycyclic aromatic hydrocarbonsMicrograms per kilogram, benzo(a)pyrene and the sum of four | Comes from direct fire drying and smoke contact at origin. Tested against destination market limits. |
| 3-MCPD esters and glycidyl estersMicrograms per kilogram | Formed at high refining temperatures. Applies to refined oil. |
| Mineral oil hydrocarbonsMilligrams per kilogram, MOSH and MOAH | Comes from lubricants, jute bags and transport. Tested where the destination market requires it. |
| Solvent residueMilligrams per kilogram of hexane | Applies to solvent extracted oil. |
| Pesticide residuesMilligrams per kilogram | Tested against destination market maximum residue limits. |
| Heavy metalsMilligrams per kilogram | Lead, arsenic, cadmium, iron and copper. Iron and copper matter twice over, because they catalyse oxidation in the drum. |
| Dioxins and PCBsPicograms of toxic equivalent per gram of fat | Tested where the destination market requires it. |
| AflatoxinsMicrograms per kilogram | Applies where the oilseed or kernel carries a mould risk before pressing. |
Certification and packing claims
8 grades
| Grade | Definition |
|---|---|
| Protected Designation of Origin or Protected Geographical IndicationRegistered designation, with the certificate and the consortium name | Contracted where the buyer needs the origin legally evidenced rather than stated. |
| OrganicCertificate under the destination market scheme | EU, NOP, JAS or an equivalence arrangement. Named on the contract with the certifier and certificate number. |
| Fairtrade, Fair for Life or equivalentCertificate and transaction certificate | Named scheme, with the transaction certificate issued for the specific lot. |
| Kosher and HalalCertificate from the named authority | Certificate travels with the lot. |
| Food grade or cosmetic gradeDeclared, with the corresponding specification | Determines the applicable limits and the packing. |
| Non GMODeclaration, with PCR testing on the source material where required | Applies where the crop has a genetically modified counterpart. |
| Chain of custodyDocumented from harvest to press to drum | Evidenced at every transfer where the lot carries an origin or a community claim. |
| PackingDeclared: flexitank, ISO tank, drum, jerrycan or IBC, with liner and headspace treatment | Nitrogen blanketing and liner type are contract terms, because they decide what the peroxide value looks like on arrival, not on shipment. |
Grades outside this list trade on request. Send us the contract specification you work to and we will price against it.
Locations
| Country | Region | We trade it as |
|---|---|---|
| Spain | Europe | Origin |
| Italy | Europe | Origin and destination |
| Greece | Europe | Origin |
| Turkiye | Middle East | Origin and destination |
| Tunisia | Africa | Origin |
| Morocco | Africa | Origin and destination |
| Portugal | Europe | Origin |
| Syria | Middle East | Origin |
| Algeria | Africa | Origin and destination |
| Egypt | Africa | Origin and destination |
| France | Europe | Origin and destination |
| Croatia | Europe | Origin |
| Slovenia | Europe | Origin |
| Cyprus | Europe | Origin |
| Israel | Middle East | Origin and destination |
| Palestine | Middle East | Origin |
| Jordan | Middle East | Origin |
| Lebanon | Middle East | Origin |
| Argentina | South America | Origin |
| Chile | South America | Origin |
| Peru | South America | Origin |
| Uruguay | South America | Origin |
| Brazil | South America | Destination |
| United States | North America | Origin and destination |
| Canada | North America | Destination |
| Mexico | North America | Destination |
| Australia | Oceania | Origin and destination |
| New Zealand | Oceania | Origin and destination |
| South Africa | Africa | Origin and destination |
| Japan | East Asia | Destination |
| China | East Asia | Destination |
| South Korea | East Asia | Destination |
| United Kingdom | Europe | Destination |
| Germany | Europe | Destination |
| Netherlands | Europe | Origin and destination |
| Russia | Europe | Destination |
| United Arab Emirates | Middle East | Origin and destination |
| Saudi Arabia | Middle East | Destination |
| India | South Asia | Destination |
| Poland | Europe | Destination |
Origins and destinations outside this list trade on request. We are not limited to the locations shown here.
Timing
Harvest is when the crop is taken at origin. Arrival is when a shipment from that origin typically lands in a consuming market. The gap between them is processing, grading and the voyage.
HarvestArrival
| Origin | J | F | M | A | M | J | J | A | S | O | N | D | Window |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Spain | Harvest and arrival | Harvest and arrival | Arrival | Harvest | Harvest and arrival | Harvest and arrival | Harvest Oct to Feb, arrival Nov to MarAndalusia principally, with Castilla La Mancha, Extremadura and Catalonia. The largest producing origin, and the one that sets the world price. Bears in alternate heavy and light years. | ||||||
| Italy | Harvest and arrival | Arrival | Harvest | Harvest and arrival | Harvest and arrival | Harvest Oct to Jan, arrival Nov to FebPuglia, Calabria, Sicily and Tuscany. A large producer and also a large importer for blending and re-export. | |||||||
| Greece | Harvest and arrival | Arrival | Harvest | Harvest and arrival | Harvest and arrival | Harvest Oct to Jan, arrival Nov to FebPeloponnese, Crete and Central Greece. Predominantly Koroneiki, predominantly extra virgin. | |||||||
| Tunisia | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest Oct to Jan, arrival Dec to MarSfax, Sidi Bouzid and Kairouan. Chemlali and Chetoui. A leading bulk export origin. | ||||||
| Turkiye | Arrival | Arrival | Harvest | Harvest and arrival | Harvest and arrival | Harvest Oct to Dec, arrival Nov to FebAegean and Marmara. Ayvalik and Memecik. | |||||||
| Morocco | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest Oct to Jan, arrival Dec to MarMarrakech Safi, Fes Meknes and Beni Mellal. Picholine Marocaine. | ||||||
| Portugal | Arrival | Arrival | Harvest | Harvest and arrival | Harvest and arrival | Harvest Oct to Dec, arrival Nov to FebAlentejo. Rapid growth in intensive Arbequina and Arbosana plantings. | |||||||
| Argentina | Harvest | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest Apr to Jun, arrival May to AugLa Rioja, Catamarca, San Juan and Mendoza. A southern hemisphere crop, so it lands between northern harvests. | |||||||
| Chile | Harvest | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest Apr to Jun, arrival May to AugCentral valley. Southern hemisphere crop. | |||||||
| Australia | Harvest | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest Apr to Jun, arrival May to AugVictoria, New South Wales and Western Australia. Southern hemisphere crop. | |||||||
| Syria | Arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest Oct to Dec, arrival Dec to MarIdlib, Aleppo and the coastal governorates. Supply subject to conditions on the ground. | ||||||
| Egypt | Arrival | Harvest | Harvest | Harvest and arrival | Arrival | Harvest Sep to Nov, arrival Nov to JanFayoum, Beheira and the reclaimed desert plantings. |
Windows outside this pattern trade on request, including carry, forward positions and stock already sitting in a destination warehouse.
Customs, packing and contract terms
Indicative terms for olive oil. Tariff classification is the importer’s responsibility and limits change, so confirm both against the destination customs authority and the current regulation before you fix a contract.
- HS heading1509.20 Extra virgin olive oil
1509.30 Virgin olive oil
1509.90 Other olive oil - PackingFlexitanks of 20 t to 24 t, IBCs of 1000 litres, or 190 kg lacquer lined steel drums. Butters and solid fats in 25 kg cartons or 200 kg drums. Nitrogen blanket for oils that oxidise.
- Container loading20ft: one flexitank at 20 t to 24 t, or 80 drums at roughly 15 t. Heated stow or heating coils where the fat solidifies below deck temperature.
- Contract and arbitrationFOSFA contracts with FOSFA arbitration in London, or NIOP trading rules for United States trade. Free fatty acid, moisture and impurities, peroxide value and colour are the operative quality clauses, established on FOSFA analysis methods.
- Destination limitsEU limits on 3-MCPD esters and glycidyl esters in refined oils and erucic acid limits under Regulation 2023/915, pesticide MRLs under Regulation 396/2005, and novel food authorisation under Regulation 2015/2283 for oils without a pre-1997 EU history of consumption. US FDA food additive and GRAS status applies.
Common questions
What grades of olive oil does SIP Global trade?
We quote 57 published grades of olive oil, including Extra virgin olive oil - Virgin oil meeting the tightest chemical limits and showing zero sensory defect, Virgin olive oil - Virgin oil within the wider virgin limits and a small permitted sensory defect, Ordinary virgin olive oil - Virgin oil above the virgin limits, where the destination market recognises the category, Lampante virgin olive oil - Virgin oil failing the virgin limits, Refined olive oil - Lampante oil refined by methods that do not alter the glyceridic structure and Olive oil - A blend of refined olive oil and virgin olive oil. Every grade is tied to a delivery point and a settlement route. Grades outside the published list are priced on request.
How is olive oil graded?
Olive oil is graded by an internationally harmonised set of trade designations, each defined by a combination of free acidity, peroxide value, spectrophotometric absorbency and a formal sensory panel result. The designation on the contract is a legal category, not a marketing tier. Grading runs on 6 systems: Trade designations, Processing route and form, Quality and condition, Composition and authenticity, Contaminants and Certification and packing claims.
Where does SIP Global trade olive oil?
We trade olive oil in Spain, Italy, Greece, Turkiye, Tunisia, Morocco, Portugal and Syria and 32 further markets. Origins and destinations outside this list trade on request. We are not limited to the locations shown.
When is olive oil harvested and when does it arrive?
Typical windows are Spain: harvest oct to feb, arrival nov to mar; Italy: harvest oct to jan, arrival nov to feb; Greece: harvest oct to jan, arrival nov to feb; Tunisia: harvest oct to jan, arrival dec to mar; Turkiye: harvest oct to dec, arrival nov to feb. Harvest is when the lot is taken at origin, arrival is when a shipment from that origin lands in a consuming market. Windows outside this pattern, including carry, trade on request.
What is the HS code for olive oil?
Olive oil is normally classified under HS 1509.20 (extra virgin olive oil), HS 1509.30 (virgin olive oil) and HS 1509.90 (other olive oil). The heading follows the form the goods are in at the border, and national tariffs extend it beyond six digits, so confirm the full line with the destination customs authority before you fix a contract.
How do I get a price for olive oil?
Send the grade, the origin and the delivery window to the SIP Global desk. That is enough for a trader to come back with a level and a settlement route. 2 listed olive oil markets are published on this page, each with its full specification and terms. We take both sides, physical and financial, prompt to long dated.
Standards and data sources
The grading language on this sheet follows published standards. Trade volumes and tariff lines are public record. Verify anything here against the source.
- ISOInternational Organization for Standardization
- Codex AlimentariusFAO and WHO food standards
- UN ComtradeOfficial international trade statistics by HS code
- ITC Trade MapBilateral trade flows and tariff data
- FAOSTATFAO production and trade series for agricultural commodities
Price this with our desk
Grade, origin and window if you have them. If what you are carrying does not fit the sheet above, describe it in your own words and a trader will take it from there.