16% is kind of high for a non active horse. I know there are many reasons why people put oil in feed but what is your reason? I feed my horses 12% stable blend which is just a dry mix. And mix it with a feed called one and only thats only 9%. The one and only is supposed to be a very safe feed. Horses can't colic from it suposedly. And when feeding them it you don't need hay either. I still give hay though. They say you can put the feed out in a pasture and let the horses eat whenever they want and as much as they want like cows.
Corn also helps put weight on horses and gives them nice coats but you can't feed it to them straight.