Yes, olive trees produce olives, which contain oil.
While the simple answer is yes, the amount of oil produced by an olive tree varies based on several factors:
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Age and Size: Older, larger trees with a larger crown typically produce more olives, and therefore more oil.
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Irrigation: Irrigated olive trees generally yield more olives and oil compared to rain-fed trees.
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Weather Conditions: The weather throughout the year significantly impacts olive production. Favorable weather conditions can lead to a higher yield.