1999 Mercedes Benz V280 oil light indicator on dashboard

The oil warning light is for oil pressure, not volume. At the mileage you listed it is not likely the engine bearings are worn yet. The first suspect would be the oil pressure sending unit. It is normally screwed in near the oil filter. You can buy a replacement, then look for the identical part on the engine, but mechanics prefer to perform tests before randomly replacing parts. They use a mechanical oil pressure gauge to see what the actual oil pressure is. If it's acceptable, then they would replace the sending unit.