I have oily (face)skin. Currently oil cleansing w/Sweet Almond Oil. Does oil really decrease the overproduction of sebum or will it cause more oiliness?

Use real Rx. Try retinoic acid instead. Most of these products named for pretty flowers, fruits and trees are placebos. If you have acne, the retinoic acid should help as well. A dermatologist can give you more advice.