All high-quality olive oil is extra virgin, but most extra virgin olive oil is not high quality. The standard or "grade" for extra virgin olive oil is a minimum standard. It should be viewed as the minimum standard of acceptability and not as a certificate of merit. Many olive oils that receive the grade of extra virgin are anything but by the time they are purchased or consumed. The way olive oil is packaged or shipped can greatly affect how long it can last on the shelf before becoming rancid.