Hi Caroline, and welcome to permies!
That looks like scale to me. Here are things that I've used to varying degrees of success:
1)
Soap. You can get nontoxic insecticidal soap or use a mild dish liquid mixed with water and spray it on. The soap breaks down the insects' waxy cuticle and dehydrates them. With scale it also loosens their grip and makes them easier to rub off or blast with a hose.
2) Oil. There are light oils, both mineral and vegetable, that are safe to spray on plants and typically used on fruit trees when they are dormant. The oil covers the insects' bodies and clogs their respiratory pores. I don't think olives would have a problem with an oil spray but you might want to test a branch before coating an entire tree.
3) Neem. If you use this in conjunction with soap it seems to have a quicker effect on aphids and whiteflies, but I think scale are somewhat resistant because of the way they latch on to
feed. Neem requires ingestion so direct sap feeders bypass it.
4) Predators. Lacewings and ladybugs will eat the immature stages of scale, before they have developed the hard shell that makes them "invincible."
Good luck.