This video on how to get how out of upholstery doesn't tell you much. It says to use a powder to remove excess oil and then clean it with a solvent cleaner. Solvent cleaners are the least effective upholstery cleaners. Three are better ways to clean oil out of upholstery. Here are some quick instructions on what to do if you get an oil spot in your upholstery.
First step is to determine what type of upholstered material you are dealing with. No need to check your furniture tag because it only lists the interior materials not the upholstery covering. Your best bet is to contact the store where you bought it from to find out exactly what it's made of. If you're not sure where it came from then you will have to try a and determine the material on your own.
If your furniture is covered in micro fiber then it's made of a polyester and can be readily cleaned. If your not sure if your furniture is covered in micro fiber then try the water drop test. Place a drop of water on the upholstery and see if it beads up without sinking in, it should be wet cleanable. If it sinks in you might want to call a professional upholstery cleaner, like Chem-Dry of Tampa FL.
It you determine your upholstery is wet cleanable then you can use a upholstery cleaning solution to remove the oil. This video shows you some steps for getting oil out of upholstery.