Fatty acids' ethyl and methyl esters are not natural components of edible vegetable oils and therefore should not be present in virgin olive oils. Among the quality requirements for extra virgin olive oils, the International Olive Council (IOC) Norm, 2015 review, set limits for the ethyl ester content at ≤ 435 ppm for the 2014/2015 and 2015/2016 harvests and at ≤ 30 ppm for the 2016/2017 harvest. The purpose of this paper is to: (a) determine the alkyl ester content in two extra virgin olive oils (of the Arbequina and Coratina varieties) as parameters of quality at the moment of their elaboration and to assess the length of their shelf life, over a 12 month period at room temperature; (b) determine extra virgin olive oils' free alcohols content as these may esterify due to the free fatty acids present during storage. After 6 months of storage, the Arbequina oil's ethyl ester content was 32 ppm, and the Coratina's was 46 ppm. As a result, the shelf life for both was only about half a year (labeling usually indicates it must be consumed "before 1 year"). However, parameters related to oxidation (peroxide index, K 232, K 270 and ∆K) remained within the limits set by the International Olive Council (IOC) throughout the year. In conclusion: ethyl ester content is a very fine parameter for assessing the quality of extra virgin in an olive oil and determining the length of its shelf life.