I suggest you store your olive oil in a cool dark place away from direct heat or light, if it’s stored properly it will usually last for more than a year. If you usually buy the large bottles of olive oil, pour what you need for a week in smaller bottle and the rest just keep it in your pantry.
I don’t think there’s any way for you to salvage your leftover olive oil once it has turn rancid.
I hope this helps. ]]>
This is a bit off topic…is there a proper way to store olive oil? I once bought 1L bottle thinking it’s good to stock but then the next time i’m supposed to use it for my pasta, it has this funny smell to it already. now, i’m only buying the small ones yet still always end up feeling wasteful whenever i find my last drops of olive oil smelling funny 
is there a way to salvage this leftover olive oil? and a “proper” way of storing them?
thanks
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