The word "olig" is not a commonly used word in English. However, it can be spelled using the International Phonetic Alphabet as /ˈɒlɪɡ/ or "AWL-ig". The first syllable is pronounced with a short "o" sound (like in "on"), followed by a short "i" sound (like in "in"), and ending with a hard "g" sound (like in "go"). This spelling signifies the pronunciation of the word and makes it easier to understand and reproduce correctly.
A prefix in scientific terms signifying few; small in number.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.