When you say oil port, do you mean a hole in the center of the hub that is covered with a clip? If so, oil it. If its a grease fitting, then follow Froze's advice.
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Il faut de l'audace, encore de l'audace, toujours de l'audace
1980 3Rensho-- 1975 Raleigh Sprite 3spd
1990s Raleigh M20 MTB--2007 Windsor Hour (track)
1988 Ducati 750 F1