oil vs oil paint

oil and oil paint both are nouns.

Word	Noun	Adjective	Verb	Adverb
oil	Yes	No	Yes	No
oil paint	Yes	No	No	No

As nouns, oil paint is a hypernym of oil; that is, oil paint is a word with a broader meaning than oil:

oil (noun)	oil paint (noun)
oil paint containing pigment that is used by an artist	paint in which a drying oil is the vehicle
any of a group of liquid edible fats that are obtained from plants
a slippery or viscous liquid or liquefiable substance not miscible with water
a dark oil consisting mainly of hydrocarbons

oil (verb)	oil paint (verb)
administer an oil or ointment to; often in a religious ceremony of blessing
cover with oil, as if by rubbing