Ölauge

German

Öl (“oil”) +‎ Auge (“eye”). The racial slur is probably due to the often slightly yellowish sclera in dark-skinned people.

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Ölauge n (genitive Ölauges, plural Ölaugen)

a glazed opening in a container used to control the latter’s fill level
(derogatory, offensive) wog (dark-skinned person, typically of North African, Middle Eastern or Central Asian descent)