Olive Oyl buys a new lamp at an auction sale, little guessing that it's the famous Aladdin's lamp, complete with a butler-like genie. But the Sea Hag knows the truth worth of Olive's antique. The evil witch steals the lamp and takes it back to her ship where she summons the genie and orders him to make her rich. The genie does so by turning a barrel into solid gold, a rusty chain into precious stones and a rope into a string of enormous pearls. Meanwhile, Popeye climbs aboard ship determined to get Olive's antique back for her.