Will this go rancid fast, should I refrigerate? I'm storing it in a mini squeeze bottle.
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HalfPint is a trusted home cook.
My chili oil lasts almost indefinitely in the fridge. I make it the same way you do, except with cheaper olive oil. To be on the safe side, I would give it 6-9 months in the fridge.
Understand rancidity is a process, not a state. Being highly unsaturated, olive oil oxidizes relatively quickly releasing carcinogenic free radicals as it does so. The "extra virgin" variety is the most fragile due to its delicate nutritive components. Heating is not a good thing; it is even more unstable at high temperatures (acrylamide formation can occur around 300F). Refrigeration = good, high-temp frying = bad.
I like to use my olive oil within 6 months, a year from harvest tops.