Oily residue doesn't sound good. My 95 got messed up because of antifreeze spillage on the alternator circuit board.
There is a fuse for the instrument panel, but not the one you are looking for. The alternator warning light is not fused and looks like a red battery when lit.
You can pull the caps off the battery to check the electrolite level, they pry off with a screwdriver. If the level is very low, replace the battery.
Alternator output should be in the low 14V range.
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My name is Klaus and I am a Volvoholic.
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