Preheat oven to 350 degrees
Rinse olives and drain well.
Combine 1/2 teaspoon oil and 1/2 teaspoon chili powder and add almonds, tossing to coat.
Transfer almonds to a baking sheet and toast until fragrant and a couple of shades darker- about 8 to 10 minutes.
Cool almonds just until they can be easily handled. Stuff each olive with an almond.
In bowl toss olives with remaining oil and chili powder. Olives can be made 1 day ahead and kept, covered, at room temperature. Note: Almonds will begin to soften after about 4 hours.