So many people forget that such a useful tool needs some TLC, just last Friday one of my class was moaning about their cutter so I asked if she had cleaned and oiled it recently and she gave me a blank look, couldn't have been paying attention when I gave a tutorial!
On a clear space have ready some tissues and some sewing oil, and carefully unscrew your blade and place all the pieces down carefully making sure you handle the blade safely. You will most likely find quite a lot of fluff between that blade and cutter, and in the workings so brush out. Put a few drops of sewing oil on a tissue and wipe clean where the blade fits on the cutter making sure you leave a nice oil sheen on it and do the same with the blade and screws, only a smear not dripping in oil. Now put it back together remembering to put the spring in the right way, which with Olfa and most cutters I have used with the curl going upwards, screw down firmly but not overtight.
This solves most problems that I have had other than if the blade is completely dead then replace with a new one, how often to clean them, how often do you cut, you can often see the fine fluff when the blade is open and that is when is needs cleaning and oiling. Hope this helps