Yes but there's a bigger picture to be brought into balance. You have one small part of something much larger in body metabolism.
The short (and highly generalized) story is: Reduce blood sugar by eliminating sugar from your diet. AND there's more: reduce blood sugar further by eliminating refined carbohydrates. This is the single biggest thing you can do to bring down blood sugar. Keep good carbs like leafy vegetables in your diet, mostly eliminate fruits and reduce root veggies. Next increase good fats (like olive oil) and many others. Walk briskly 30 minutes once or twice a day without fail!!!! This burns off the stored glucose in your body's cells (80% muscle, 20% liver) so that more glucose can be absorbed out of your bloodstream. As glucose levels drop the pancreas stops producing insulin (which means the "store glucose as fat" command from the pancreas stops). Believe me your pancreas can use the break. At that point fat is requested from storage in fat cells and your liver can start converting fats to glucose. AND, as an added bonus, the fat starts dissolving in the liver and it finally begins to unclog so it can do its job better (to store and release glucose on demand). After weeks or months the body shifts from a dependency on burning primarily glucose to burning both fat and glucose. That's healthy, the way it was meant to be.
The cells in the body were designed to burn fat or glucose, so you need to burn both to let your body give itself a long needed tune up. BUT Wait. You're not finished. You MUST FAST for 12 hours each day. Most people fast typically at night while they're sleeping and have never thought about it. During the day the liver and body's cells will store glucose from the food you eat and digest. This reverses at night such that the liver slowly releases it's stores of glucose until it is depleted before breakfast they next morning. Your liver loves this charge/discharge cycle because it's doing what it loves best. It is much happier not having sugar constantly forced down it's throat 24/7. And very important is 7-8 hours sleep. This is the third critical ingredient. The right diet, regular activity, adequate sleep.
So, to answer your question, olive oil is a great oil for reducing glucose when taken together with everything else. By itself not very helpful. Everything I've looked into convinces me that olive oil is many, many times better than any other oil out there. For example look at the omega 3/6 balance as compared to all other oils. It is wonderful stuff for good health.
Olive oil by itself will not reduce glucose (blood sugar). But eliminating all carbs will reduce blood sugar since carbs are many sugar molecules strung end-to-end that break apart when digested.
BTW: Please forgive me for taking so many liberties with a complex subject.
