I'd wait before you pull the distributor to pieces:
have you got an oil leak in there?
or, is it from somebody being heavy handed oiling the centrifugal advance weight mechanism??
I'd keep an eye on it for a while, if I was you, before doing anything
For what it's worth I've just about got my hands clean again from taking a look at the old distributor (Magnetti Marelli) from my Panda which was replaced as the repair for this problem:
https://www.fiatforum.com/forum/topic.asp?TOPIC_ID=1746
A few things to add:
it looks like the centre spindle would have to come out through the top of the distributor. And it seems to be retained by the drive dog (where the camshaft turns it) which is held on with a pin through it, and the spindle, which is retained by what looks like a 3 turn piece of springy wire in a groove around the whole base[:0]
Also, I'm not convinced now that the pick-up device is Hall effect: they have 3 leads, and I can only see 2 going that way - perhaps it's just a coil
It looks like you'll have to take the distributor off, and take it completely to pieces to change that O-ring, if you do it
Regards
John H