What Does Good Olive Oil Taste Like?

A good extra-virgin olive oil will exhibit fruitiness; in fact, it is the minimum criterion for the IOC to consider an olive oil for the extra-virgin grade.

First drops of fresh Olive Oil at CretaVita mill @2013
First drops of fresh Olive Oil at CretaVita mill @2013
What, exactly, is fruitiness?

Simon Field, instructor for Savantes, an olive oil certification program for producers, says a fruity olive oil is "reminiscent of both the odor and taste of sound, fresh fruit" which can be "picked at its optimum stage of ripeness" but can also be reminiscent of unripe fruit, like green tomatoes, to name one example, or even a vegetable. It should, in other words, smell and taste like fresh produce.
It can also exhibit pepperiness and bitterness, two other desirable characteristics that may seem surprising to someone tasting a good oil for the first time. These are not flaws; rather, they are evidence that an oil is fresh and that it contains beneficial compounds like polyphenols. Polyphenols have been shown to have antioxidant and anti-inflammatory properties and help protect the oil from spoiling.

Tips: 
1. Choose oils sold in dark glass bottles, which minimize the oil's exposure to light and help keep it fresh longer.
2. Try to choose an oil which has a "best by" date that is no sooner than two years from today.
3. Look for labels that talk about production from a specific mill.

Source & full article: What you should know before buying olive oil

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