yes this means oil change required.
It is possable to remove the OLE from the display by pressing and holding the button under the speedo with the ignition on turn ignition off. Press the min or hour button untill oel comes up then the first button again and put the ignition back on.
I thing that is the right order if not try others. When it works it should say "IN 00".
This also works for IN 01 and 02.