As a player, he notably represented two of the Big Three in his country, Porto and Sporting, amassing totals of 267 matches and 99 Primeira Liga goals between the two and also later managing the former club with great success.
He returned to Porto the following transfer window due to homesickness, being an important first-team element as the latter side finished second in the league, two points behind Sporting CP.
Penafiel retain top-flight status – he left Porto alongside club director Jorge Nuno Pinto da Costa and coach José Maria Pedroto following internal disputes[2]– Oliveira signed with Sporting, helping them to the double in 1981–82.
After helping Portugal to the quarter-finals in UEFA Euro 1996,[5] Oliveira signed for former club Porto, leading it to back-to-back national championships with the addition of one Portuguese Cup, won against S.C. Braga.
Several problems occurred during the preparation for the tournament in Japan and South Korea, and the competition itself: Vítor Baía replaced in-form Ricardo in goalkeeper, Beto played out of position at right back, Luís Figo was in very poor physical condition and Hugo Viana was called as a last-minute replacement for Daniel Kenedy, who tested positive in a doping control test;[10][11][12] after one win and two losses in the group stage, Portugal were eliminated and the manager was fired.