The guy that made my saddle recommended cleaning with a very light mixture of laundry soap with water and then oiling with 100% neatsfoot oil. I have also heard that any kind of vegetable oil will rot the stitching of a saddle. I've never used it on mine so I don't know.
I've used both and haven't noticed much difference. They cost about the same now days anyway.
Olive oil can go rancid, but so can other oils. I've noticed that some of my stuff that's been used with olive oil can get that rancid oil smell. I haven't noticed issues with the stitching rotting or anything like that though. That sounds like poor quality product to me if rotting is happening.
Thank you very much for everyone's replys.... I have put olive oil on an old saddle's seat, at first the saddle looked good but as the oil started to dry the seat looked very dull. I think i put on a little too much, I oiled the seat until it wasn't taking any more oil and left it to dry. Next time I use olive oil I think I will put a little bit on a cloth and "polish" the leather, not completely soak it.
I remember looking into it years ago & so far as I remember, there was no great diff between using vegetable or animal oils, and I don't recall seeing any evidence that vegie oil would rot stitching where animal oil wouldn't - that doesn't make sense to me. And linseed(aka flax) is also a traditional oil for saddlery, which is vegie.
When trying to 'bring back' neglected leather, or, as I used to do a lot of leatherwork, first oiling brand new leather, it tends to take a LOT of oil, so I'd use whatever was cheap - generally 'no name' vegie oil from the supermarket. Don't recall if I used olive or otherwise tho. The only thing with straight, unadulterated oil being used, whether animal or vegetable, is mice! I've had my tack chewed, esp when freshy soaked in oil. But adding a little tea tree oil or eucalyptus to the oil deters them, and also, if you're in humid climes, seems to also deter mould & rot.
I wouldn't advise using orange juice tho.... I hired a side saddle & I & my Dad rode horses to my wedding. The morning of the big day, after I'd shampooed the horses, I thought I'd give the saddles one more polish, while sitting at the kitchen table with my breakfast - which included a bottle of orange juice. I'd nearly finished when I left for some reason(toilet break or something). Came back to see my step grandmother sitting there POURING JUICE ON MY SADDLE!! She assumed that it was the 'leather polish' I'd been using & thought she'd help!!