Does olive oil go bad? What is the shelf-life of olive oil?

Olive oil is time sensitive food product that has a high sensitivity towards oxygen, heat, and light. All these three elements alter the oil chemistry/ quality over time. For example, oxidation in the presence or absence of light is inevitable. Even by following the best storage practices, away from direct light and high temperature in an unopened opaque container, olive oil can be good for only about 18- 24 months. This shelf-life is dramatically shortened when the oil is stored in light or at high temperatures. 

Olive oil with a high antioxidant level has higher stability against heat, light, and oxygen and thus has a longer shelf-life.