No glycerol is a chemical in its own right. It is CH2(OH)CH(OH)CH2OH but an oil can be converted to Glycerol and fatty acids. So it is more correct to ask "Is an oil made from glycerol and fatty...
The sub class of lipids 'oils and fats' are made up of glycerol and fatty acids but there are several other lipids which do not have these constituents.