If you replace the belt make sure the pulleys and anything else the belt contacts are clean. It may or not be the oil on the belt that is an issue, i.e degrading it, but instead the oil on the interface between the belt and pulleys causing it to slip off.
I think too the bolts are steel but would also there suggest checking them with a magnet to be sure (if it sticks they are steel if not they are aluminum and shouldn't be reused). An important area of course for torquing correctly when a gasket is squished in the middle.
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