Since we are not using any fresh ingredients in this recipe, it is perfectly acceptable to hold it at room temperature for one to two months. Keep it away from heat and light as both will shorten the shelf-life.   Keep in mind that olive oil (and all oils) become rancid over time. So, it is best to do a quick inspection before using the chili oil if it has been around for awhile. I just do this by smelling the oil to see if it has turned rancid. The North American Olive Oil Association says that rancid oil smells like “crayons, wet carboard, sawdust or putty”. I am not sure about that, but once I learned what rancid oil smells like, I could not un-smell it and became very sensitive to its odor, which I could best describe as sour and musty. If you think your oil has become rancid, discard it. You can also store Italian Chili Oil in the refrigerator for an extended shelf-life. The extra-virgin olive oil will solidify and become cloudy in the refrigerator, fyi. Bring the oil to room temperature before using. I do not recommend freezing Italian Chili Oil.