A method is provided for determining remaining oil life prior to an oil change in an internal combustion engine that has a sump and uses a body of oil. The method includes transferring the body of oil to the engine and determining a volume of the transferred body of oil. The method also includes determining degradation of the determined volume of oil in response to oxidation and/or decomposition. The method additionally includes determining the remaining oil life based on the determined volume and degradation of the transferred body of oil. Furthermore, the method includes activating an oil change indicator when the remaining oil life reaches a predetermined level. A system for determining a number of engine revolutions permitted on a volume of oil is also disclosed.