Answer:
No, olive oil isn't an essential oil for one main reason.
Essential oils are the essence of fragrant herbs or plants. To create an essential oil, steam is pumped into a chamber containing the plant, and the minute amounts of essential oils (the main fragrance and medicinal compounds) are captured by the steam. Then the steam flows into a condensing chamber, and the oil and water is condensed into liquid and then separated. It takes a lot of plant material to create even one ounce of pure essential oil. Olive oil is made by pressing the olives to extract their flavor and oil (not as concentrated as essential oil).