A little more info on the alarm would help, but I'm assuming Air low is the fault you are getting out of the spindle oiler (again, more info such as knowing which oiler you have could also help).
Since you indicate air pressure to the machine and oiler are both good, we will ignore any issues from low air pressure.
If you press the reset button on the oiler does the fault disappear for about 20 minutes, or does it return immediately. If it comes back immediately, your low pressure switch on the lube panel is probably the problem.


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