The fifteenth named storm and sixth hurricane of the annual season, Olaf formed from a tropical wave became better organized on October 2 to the south-southeast of Acapulco and developed into a depression the next day.

Continued intensification occurred, and Olaf reached its peak strength as a Category 1 hurricane with 75 mph (120 km/h) winds on October 5 and developed a partial eyewall.

This circulation quickly became better defined over the next several hours while located 400 mi (645 km) south of Acapulco.

[3] Initially, wind shear from nearby Tropical Storm Nora was expected to weaken the system, but this did not occur.

Based on this, Olaf was upgraded into a minimal hurricane; at the same time, it reached its peak intensity at 75 mph (120 km/h) and a barometric pressure of 987 millibars.

[6] Shortly after reaching its peak, Olaf began to become less organized, resulting in steady weakening while the storm's motion slowed.

[1] However, Olaf rapidly reorganized that afternoon and the National Hurricane Center re-assessed the intensity at 50 mph (80 km/h) based on increased banding features.

[7] Continued restrengthening occurred, and by October 8, Olaf made landfall with winds of 60 mph (97 km/h) near Manzanillo.

[10] One person was killed,[11] and flooding caused serve damage to roadways and crops in the Mexican state of Jalisco.