In short, yes, olive oil is vegan because it consists of olives that have been pressed or refined using a filter. It is free from animal products, but some vegans still don’t consume olive oil — or any other oils, for that matter. While oil is a great vegan food swap for butter, it is high in fat and calories and should be consumed in moderation. Because some people try to follow a vegan weight loss diet, they cut out oil completely!