A process for producing a crude oil having lowered unsaponifiable matter content and/or ester-type sterol content and comprising a highly unsaturated fatty acid as a constituent fatty acid, characterized in that a microorganism capable of producing a fat or oil comprising an unsaturated fatty acid as a constituent fatty acid is cultured in a medium containing a nitrogen source concentration of 2 to 15% within a culture tank equipped with an agitation impeller satisfying the requirement that the ratio of the diameter of agitation impeller (=d) to the inner diameter of the culture tank (=D) is d/D=0.30 to 0.6.