Most definitely! It is advised that everyone should protect their skin against the harmful effects of the sun, so it is recommended to wear an SPF of at least 15 during the day.
There's many products on the market that are nongreasy, oil-free formulas that offer sun protection and are perfectly safe for oily complexions. Look for products that are labeled oil-free and noncomedogenic. Noncomedogenic is a term applied to oils, lotions, and skin creams that do not block pores.
You will find that with a daily moisturising regime, the natural oil production will eventually start to decrease and balance out.