I interviewed Grady Hull, the creator of the process, about it and there's a section in our book. He was mystified where homebrewers got the idea it could replace aeration.
In our defense, the paper he wrote is titled Olive Oil Addition to Yeast as an Alternative to Wort Aeration.
The final paragraph of the intro also states, "In this paper we will look at the results of a study in which full-scale fermentations were conducted . . . with yeast that was treated with olive oil during storage instead of aerating the wort."
I think what might have been missed is that the olive oil was added to the yeast in storage tanks five hours prior to pitching. It was not added directly to the wort.