Standard club fair is to get a strip of wood covered with carpet, soak it with treadmill lubricant and walk from one machine to the next slipping it under the belt and let it run for a few revolutions.
This needs to be done regularly or the belt will destroy itself.

Treadmill Lube is often put on the deck under the belt. Maybe he used the word "oil" instead?

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This is genius, but probably overkill for a single treadmill. I just soak a couple paper towels in the treadmill silicone lubricant that I bought, and stick my hand under the belt going north and south. Then I switch to the other side and hit all the spots that I couldn't reach. The belt on mine has just enough slack to allow my hand/wrist to get under it, although I have loosened it in the past.

Most consumer-grade TMs need to be lubed regularly, especially you use them a lot, otherwise you're putting more wear n tear on the motor since it becomes harder and harder to move the belt.

I bought a TM silicon lube kit on Amazon that has a long plastic flexible strawlike dispenser that easily goes under the belt all the way to the middle of the deck from either side, so you can lube the whole thing without loosening the belt. I went from way underlubing mine (neglect!) to now doing a light lube every month or even before any 90+ minute run just to keep it moving well. Although to be honest, the only time I ever noticed a difference in use was when I was being totally neglectful, didn't lube it for 2 years, and then in the middle of a 6:00/mi interval set, the TM shut down abruptly likely because it was drawing too much power. After lubing it, never had that problem again.

I have a spray bottle and squirt from both sides then run it at a low speed to make sure I get full coverage (as per the manual).

After the silicon lube that came with it ran out, I've just used wet chain lube under the belt on both sides; I've also used GT85 on occasion! I've also sprayed GT85 around the roller at the bottom end. I've not had any issues. It doesn't get a lot of use, so I just turn-it-over now & again to keep everything 'loose'. Just renewed the extended cover on it (just over 4yrs old); I would say that's essential as even the call-out fee is £90 iirc, so it pays for itself.

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29 years and counting

Look in the Maintenance section of the manual or search on lubrication. Some commercial grade treadmills use paraffin based lubes rather than oil.

I've had my True PS100 for a bit over three years, and I've never lubed the belt. I guess I should probably do this!!! Probably somewhere between 3-4k miles on it over that span between my wife and I.

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I have a Precor treadmill (not commercial). I was having issues with the belt slipping and had a service tech come out. He lubricated the belt. It didn't solve the issue and I then called Precor. Precor told me the belt was never supposed to be lubricated, lubricants can chemically react with the deck causing friction and that it could void my warranty. I also learned the tech I hired wasn't certified by Precor. Fortunately, they helped me find a certified tech and honored the warranty (new belt and deck). You should look at the manual before attempting to service the machine.