No, never store olive oil in the refrigerator, it will solidify and deteriorate.
Olive oil is a pure fat with virtually no water content. At room temperature, 68 to 77°F (20 to 25°C), it's a liquid. The texture of the product begins to change around 54°F.
When the temperature drops any lower the appearance begins to change and it becomes more dense. It can be described as cloudy and when poured be thick or chunky making it difficult to pour or use. This greatly impacts both the quality and flavor. The cold temperature can affect the oil's chemical composition, altering its taste and smell.
In addition, the product begins to crystallize between 50°F and 43°F. During this process, tiny white balls begin to form. Once the temperature drops below 43°F the product solidifies.
What to Do Instead
Olive oil is a delicate ingredient, and storing it in the refrigerator can cause it to become cloudy, solidify, and lose its flavor and aroma.
If you're looking to preserve the quality and freshness, store it in a cool, dark place such as a pantry or cabinet away from light, heat, and air. The ideal temperature for storage is between 57 and 70°F.
It's also important to note that air can cause the product to oxidize and lose its quality. Make sure the container is tightly sealed to prevent air from entering.
As a staple ingredient in many cuisines and with a variety of health benefits, it's commonly used for cooking, dressing salads, and marinating meats. While it's important to use high-quality oil in the kitchen it's equally important to store it correctly in order to maintain its quality and freshness.
Read more about proper storage practices here.
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