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Rancid oil is a smell like no other. It will send you reeling from the room, and you won't soon forget it. However, if you've stored your oil out of direct sunlight and away from extreme heat, it should last you for a good 3 months. Extra virgin olive oil should have a deep, "green" scent, with a hint of a tangy-peppery linger on the back of your soft palate.
What B says is accurate. And a friend of mine brought 2 liters of olive oil back from Italy for me. She got it from a friends of hers who has is own little olive grove. The date on that says I can keep it for a year, although I imagine it will be gone long before that.
Oil stored correctly should last 6 months easily
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