Much admired figure in oil production (4)
I believe the answer is:
idol
This clue might be a double definition.
'much admired figure' is the first definition.
'idol' can be an answer for 'figure' (I've seen this before). I am unsure of the 'much admired' bit.
'oil production' is the second definition.
The answer and definition can be both man-made objects as well as being singular nouns.
Perhaps you can see a link between them that I don't see?
'in' acts as a link.
Can you help me to learn more?
(Other definitions for idol that I've seen before include "Worshipped figure (not painting); revered person" , "Pin-up" , "Person who is the object of intense admiration as by fan club" , "Image of a god (not icon)" , "Effigy" .)