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Olives And Olive Oil On Plate. Olive Oil Is A Vegetable Oil Obtained From The Olive (Olea Europaea L.), A Traditional Tree Crop Of The Mediterranean Basin. It Is Used In Cooking, Cosmetics, Soaps And As A Fuel For Traditional Oil Lamps. Olive Oil Is Regarded As A Healthful Dietary Oil Because Of Its High Content Of Monounsaturated Fat (Mainly Oleic Acid) And Polyphenols.