Compounds can be effective. I use Motiv Scuff as an oil extraction compound, and have found it to work well. Per instructions, I let it sit on the ball until dry, and then wipe the dry residue off. Finish with a good cleaner. Kitty Litter might be a good alternative.
If a ball gets to the point of oozing oil, it probably needs a more extensive deoiling method. I'd recommend a ball oven set at a temp no greater than 135 degrees for safe results. I have my own personal oven, and it took five extraction cycles to completely deoil a friend's saturated ball. I don't think the hot water method would have been as effective.