A process for producing an oil, or a polyunsaturated fatty acid (PUFA), is described where an aqueous liquid comprising cells is deaerated, and the oil or PUFA is obtained from the cells. Deaeration can be performed by a wide variety of techniques, including the application of a vacuum (or reduced pressure), mechanical deaeration or degassing by reduced stirring or subjecting the broth to centrifugal forces, reducing viscosity (by dilution or heating), reduction in the supply of oxygen or air during fermentation or a reduction in stirring rate, lowering the pH (to lower the solubility of CO.sub.2), filtration using PTFE capillaries, gas displacement (by bubbling in nitrogen or helium) or chemical deaeration (using oxygen scavengers).