Yes, mix with oil, it will absorb into the balsa quickly. You don’t need much and don’t need to coat the whole slab of wood.

3-inch X’s the width of your finger, work well.

Make sure to wipe the blade well after use or you will contaminate your leather strop.

And do not use too much pressure. Lots of folks say balsa and Chrome Oxide is harsh, usually from too much pressure. If you have that issue, try pasting a piece of cardboard and see if the same thing happens.