Um no. It's decomposed oil or fat and smells bad. The definition includes 'tastes bad'. Ok we're disputing the definition of 'rancid' which is low-quality disc

Um no. It's decomposed oil or fat and smells bad. The definition includes 'tastes bad'. Ok we're disputing the definition of 'rancid' which is low-quality discussion. But I think there's only one definition in common use? And it's not 'oxidized'. Maybe the word had been coopted by olive oil people at some point to mean something else? You can't expect the rest of us to understand what's being claimed, if ordinary words have had their meaning changed.