1.) Pure Olive Oil
Pure olive oil has a shelf life of 3 years when properly stored and is excellent as a long term storage cooking oil.
2.) Extra Virgin and Virgin Olive Oil
They have a shelf life of approximately 2 years when stored properly.
3.) Light or Extra Light Olive Oil
Most "light" olive oils have a shelf life that varies from 3 to 6 months depending upon sediment levels. (these are usually the "store brands that are combination of olive oils referred to as "blended".
Storing Olive Oil
All olive oils remain a liquid when kept at room temperature. It is best to store olive oils in a dark place away from the sun or other light sources, kept in a dry place that is not subject to excess moisture, and not subjected to extreme fluctuations of room temperature. This makes it ideal for storing in the majority of most pantries.
Rotate your stock and consider other uses for even rancid oil.