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It stands for Extra Virgin Olive Oil. Rachael Ray made it up, even though she knows lit­tle about it — https://oot.ms/NQ

For more quick answers to your olive oil ques­tions, ask Ollie — a bot devel­oped by the Olive Oil Times Education Lab that uses arti­fi­cial intel­li­gence to help peo­ple learn more about olive oil.