q-base wrote: It is Castrol 20w50 4t motorcycle oil.
Having a 20W oil might be a little thick when cold, and that could also cause issues with a slipping clutch. It shouldn't cause the clutch to slip on its own, but combined with some age and wear a 20W oil might put it over the edge. Best to stick with a 10W if you can.
But yes, the first thing to do is go through all the adjustments - lube the cable, set the push-rod adjustment screw to the correct level, and make sure the push-rod lever itself is clean and lubed (if it's corroded or just dry it can catch and not return completely). Once that's all done, the next step is to try changing the oil, and if that's still no good, it's time to look at the plates and springs.