Unlike wine, oil does not improve with age. As olive oil gets older, it gradually breaks down, the acidity level rises and flavor weakens. Even though the extra virgin olive oil has a shelf life of 18 to 24 months from the day it’s bottled, you’ll get the best quality and flavor from your olive oil if you consume it within one year after its bottle has been opened. Make sure that you store your olive oil properly, by avoiding its exposure to heat, air, and light.