Abstract: An adjustable oil metering valve for a compressed air lubricator includes a lower, fixed member (20) having a central, downwardly extending oil delivery nozzle (30) and a peripherally ramped upper surface (29) in communication with the nozzle (30). Seated on the surface (29), and rotatable relative thereto, is a valve member (21) that includes a lower disc portion (31) having a radial channel (35) formed in its lower surface. The lower surface of the rotatable disc portion (31) and the upper surface (29) of the fixed member (20) thereby define between them a peripheral gap (H) of progressively varying height into which the oil is fed whence it flows to the nozzle (30) via the channel (35). The rate of flow of oil to the nozzle (30) is substantially proportional to the height of the gap (H) at the angular location of the outer end of the channel (35) which may be selectively varied by rotating the valve member (21).