Oil barrel cut in crisis concerning spills (9)

I believe the answer is:

lubricant

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'oil' is the definition.
(I've seen this before)

I can't explain the rest of the clue.

(Other definitions for lubricant that I've seen before include "Oil, for example" , "What might have you well oiled" , "Substance reducing friction" , "Oil or grease" , "it has a smoothing effect" .)

I've seen this clue in the Sydney Morning Herald.

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