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Put the bag in the trash and buy another one

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Two days not long enough

You could try adding in something to soak up the oil. Maybe stuff it with paper towels. If you are desperate you could try bicarbonate of soda, talcum powder or activated charcoal perhaps. But then your next post would be how to get a load of bicarbonate of soda out of your bag

Talcum powder or cornstarch will absorb oils from leather. Leave some overnight on the stain. If the oil is still in the leather, I suggest throwing it away. If your bag is faux leather, try lighter fluid instead. Probably won't remove the smell? I'm not sure. Check the composition personally & Google accordingly.

Leather soaks in oil like a mf so it may not be salvageable. Also depends on the oil.

Source: Haberdasher/Upholsterer/Curtain Maker/Tailor in a past life.

Leave it outside for three days.

Take it to a leather goods repair shop or a cobbler.