Are you sure the "oil" dripping out of the exhaust is "oil"?

Could it be condensation from the exhaust mixing with all the black carbon deposits that coat the inside of the exhast system?

Jim

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14 E250 BlueTEC black. 45k miles
95 E320 Cabriolet Emerald green 66k miles
94 E320 Cabriolet Emerald green 152k miles
85 300TD 4 spd man, euro bumpers and lights, 15" Pentas dark blue 274k miles