(FOX BUSINESS) – Canada’s “OPEC of maple syrup” announced it is releasing roughly half its strategic reserves – to the tune of 50 million pounds of maple syrup – due to a worldwide shortage of the traditional waffle and pancake topping.
The Quebec Maple Syrup Producers comprised of some 11,000 Canadian maple syrup producers controls roughly 70% of the world’s maple syrup supply, and its stranglehold on the market has been “compared to the Organization of the Petroleum Countries’ grip on oil” according to The New York Post.
But the group says they have been hit with a surge in demand due to more folks cooking at home amid the pandemic, coupled with a 24% year-over-year drop in production due to warmer temperatures during spring along with a shorter season.
