Country's oil reported (6)
I believe the answer is:
greece
'country's' is the definition.
(Greece is an example)
'oil reported' is the wordplay.
'oil' becomes 'grease' (grease is a kind of oil).
'reported' indicates a 'sounds like' (homophone) clue.
'grease' is a homophone of 'GREECE'.
(Other definitions for greece that I've seen before include "Zorba's land" , "Mediterranean country" , "Bust area" , "Mediterranean republic" , "Country of southern Europe" .)