Does oil expire?

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OomD

Grey Hound
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While doing a general cleanup of my garage I came across an (almost)full 5L oil, I couldn't believe my luck as I needed to add a little to the mini. But then I noticed this on the oil container:

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Now I'm not sure if they were referring to the oil or the cannister :p, but I'm thinking it's the oil. It has expired almost 5 years ago. The oil inside still looks perfectly clean, no residues floating on it or anything of the sort. I must've used about 500mL before.

Seems a lot of oil to waste, is it still usable?
 
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