What do the different olive oil grades mean?
The grades describe how the oil was extracted and how much it has degraded — not, as many assume, how the olives were pressed or how many times.
Extra virgin is the top grade. It is mechanically extracted without heat or chemical solvents, and must meet two standards: free acidity no higher than 0.8%, and no detectable sensory defects when assessed by a trained tasting panel. That second requirement is unusual — the grade depends partly on a taste test, not only on chemistry.
Virgin is also mechanically extracted, with acidity up to 2% and minor sensory defects permitted. Less common on shelves.
Refined olive oil is virgin oil that failed the grade and has been treated with heat, filtration or chemicals to strip out the defects. This removes flavour and much of the aromatic content along with the faults.
Olive oil or pure olive oil on a label usually means refined oil with a little virgin blended back in for flavour.
Olive pomace oil is extracted with solvents from the residue left after pressing. It is the lowest grade and is generally used industrially.
"Cold pressed" and "first cold pressed" are largely marketing on modern oils. Almost all extra virgin oil is now made by centrifuge rather than pressing, and temperature limits are already implied by the extra virgin grade.
On cooking with it: the claim that extra virgin cannot be heated is overstated. Its smoke point is around 190–207°C, above most domestic frying, and its antioxidants make it comparatively stable. The real argument for using cheaper oil in high-heat cooking is cost, since the delicate flavour is destroyed either way.
Store it dark and cool; light and heat degrade it faster than age.