Silky, addictive, satiny, bursting with acacia honey that nourishes the skin while eliminating impurities – here’s one very “well-oiled” cleansing formula!
Does "well-oiled" mean here "rich in oils" or "smooth formula"?
Source: OIL-IN-FOAM CLEANSER - Sephora
Yes, but it's a play on words. "Well-oiled" usually refers to a machine, in either a metaphorical or literal sense, which means that it works well, smoothly, and without problem. Here, they are combining that well-know saying about something that works well with the fact that the product contains many oils.