Tight the timing belt
my advice to you is to find a specialist qualified technician to diagnose your automobiles malfunctioning timing belt
The timing belt tension is set when it is installed and should not change unless something is coming loose, common failures are, water pump and timing belt idlers. Fortunately this engine is not an interference engine so if the timing belt did snap due to slack it would not damage the engine, but to prevent getting stranded due to that have it repaired quickly.
The tensioner is incorporated into the waterpump drive . There is only one suitable correction . Replace belt , tensioner , and waterpump assembly at the same time or ....... abandon ship .
That didn't answer my question? Will it make it loose oil?
Normally no. Unless there is other damage.
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