Engine Knocking/Tapping Noise

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I have a 2006 G35 Coupe MT6

I started my car up yesterday and notice a tapping sound which would tap faster when I applied the gas. It sounded like a valve tap but I have no idea. My engine light or oil light even came on and my oil was little on the lower side of normal. I added a quart of oil and it still made the sound.

I read on this forum and others about members having to get their whole engine replace from rod knock or spun bearings. I was hoping it wasn't.

When I got up today I decided to see if I can hear exactly where the noise was coming from. I took the cover off the engine and after listening for a while I notice the sound was coming more from the front of the engine more towards the lower right.

I looked down and notice belt to the air compressor was pretty bad and it looks like it shifted on the tension pulley and also shifted on the air compressor pulley, it's actually almost touching the engine.

I posted a video with tapping and a couple of close up pics of the belt. I'm going to take it tomorrow to the deal and get my belts replaced. So I hope that's the problem, I only have 59K miles on the car.

Any opinions I appreciate it

http://www.youtube.com/watch?v=OFZGcfVpPvM

Thanks
Anthony

[Micro2]

Here's the two pictures of the belt.

https://imageshack.com/i/euq866j

https://imageshack.com/i/nrv3itj