FAP, April 23 (Xinhua)-- rainfall in Spain has pushed olive oil prices to record levels, and analysts have warned that a particularly dry summer could lead to a further decline in crop yields. Olive oil prices have soared nearly 60 per cent to about 5.4 per kilogram since June last year, as a severe drought in Europe last year led to poor harvests of olive crops across the continent. Spain, the largest producer of olive oil, has been particularly hard hit. Farmers in the country usually produce half of the world's olive oil. But in the past 12 months, the country's annual supply has roughly halved to about 780000 tons. The situation in Italy and other Mediterranean countries is also grim.