Olive oil is a vegetable oil obtained from the olive (Olea europaea), a traditional tree crop of the Mediterranean Basin. It is used in cooking, cosmetics, pharmaceuticals, and soaps, and as a fuel for traditional oil lamps. Olive oil is a healthful oil because of its high content of monounsaturated fat (mainly oleic acid) and polyphenols.
Grades of olive oil:
- Extra-virgin olive oil comes from the first pressing of the olives, contains no more than 0.8% acidity, and is judged to have a superior taste. There can be no refined oil in extra-virgin olive oil.
- Virgin olive oil has an acidity less than 2%, and judged to have a good taste. There can be no refined oil in virgin olive oil.
- Olive oil is a blend of virgin oil and refined virgin oil, containing at most 1% acidity. It commonly lacks a strong flavor.
- Olive-pomace oil is a blend of refined pomace olive oil and possibly some virgin oil. It is fit for consumption, but it may not be called olive oil. Olive-pomace oil is rarely found in a grocery store; it is often used for certain kinds of cooking in restaurants.
- Lampante oil is olive oil not used for consumption; lampante comes from olive oil's ancient use as fuel in oil-burning lamps. Lampante oil is mostly used in the industrial market.
Traditionally, olive oil was produced by crushing olives in stone or wooden mortars or beam presses. Nowadays, olives are ground to tiny bits, obtaining a paste that is mixed with water and processed by a centrifuge, which extracts the oil from the paste, leaving behind pomace.
(Source: http://en.wikipedia.org/wiki/Olive_oil)
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