Abstract: A volumetric lubricant dispensing apparatus for delivering a precise volume of lubricant, such as oil, to a rotating machine element. The delivery mechanism includes a piston and cylinder assembly. A plurality of sensors are utilized to record operating conditions of the machine, element, environment, and lubricant. The apparatus is controlled either manually or with the aid of a controller unit such as a microprocessor. The output from each sensor is inputted into the microprocessor wherein an algorithm computes an responsive output. The responsive output is sent to the piston and cylinder assembly, which maintains an optimum lubricant condition within the reservoir wherein a rotating machine element located. Alternatively, for the purpose of qualitative control, the present invention may be described as a system intended for controlling lubricants, both mineral (natural) and synthetic based by measuring the condition characteristics of the lubricant.