I store mine in a dark, food stoage pantry, which is relatively light free for most of the time. I suspect air exposure is one factor related to the oil becoming taste rancid. So, I try to reduce the exposure of the opened oil surfaces to fresh oxygen by storing excess oil in smaller containers, where the oil level is near the top of the container.

While heat extremes shoukd be avoided, I suspect temperature alone is not the bigest factor, as olive oil is stored for long periods in some fairly warm climates. Sunlight exposure seems to promote the oil degrading in taste quality (though it may not impact it for other uses, such as lubrication). :)

Below is one link with info...I suspect there are many others.

olive oil