Your new bike is a two stroke that means it uses oil all the time while it is working. You need to buy two stroke oil (like the stuff you put in lawnwowers and chain saws but buy good quality fully synthetic oil if you can) and put it in the oil tank (probably under the seat somwhere) 1 litre should last you about 400kl. Don't keep riding the bike with the red light on or it will stop working and the damage will be expensive to repair.