The $sl_N$-Onsager algebra has been introduced by Uglov and Ivanov in 1995. In this letter, a FRT presentation of the $sl_N$-Onsager algebra is given, its current algebra and commutative subalgebra are constructed. Certain quotients of the $sl_N$-Onsager algebra are then considered, which produce `classical' analogs of higher rank extensions of the Askey-Wilson algebra. As examples, the cases $N=3$ and $N=4$ are described in details.