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The health regulations in Spain define four distinct classes of olive oil:
Virgin Olive Oil (Aceite de Oliva virgen)
Oil extracted from olives by mechanical or other methods which do not modify it's basic properties. This results in a completely natural product which maintains the taste plus chemical and biological characteristics of the olive. Within the Virgin grade, there are actually three recognized quality levels:
Extra (Extra): Oil of the best taste characteristics, and with an acidity level not exceeding 1%
Average (Corriente): Oil with a good taste, and acidity levels not exceeding 3.3%
Strong (Lampante): Inadequate taste or acidity levels above 3.3%
 
Refined Olive Oil (Aceite de Oliva refinado)
Oil obtained by refining virgin oil whose taste and/or acidity levels make it unsatisfactory for direct consumption. This is a healthy and perfectly acceptable food product, but it does not have the full taste of virgin olive oil.
 
Olive Oil (Aceite de Oliva)
This is made by blending both refined and virgin olive oil. This is very much a standard in the marketplace - its properties are somewhere between the previous two.
 
Pomace Oil (Aceite de Orujo)
Made by refining/processing olive oil pressings [pomace/marc/orujo]. The least expensive type, no real taste and used primarily for deep frying.

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