Should be. It's CentOS packages with rebranding and maybe some custom fixes on top. There are two kernels that ship with it, either the RedHat Compatibility Kernel (RHCK), or the Unbreakable Enterprise Kernel (UEK).

I would point out, I'm not in the OL org, I have absolutely no idea what this change means for Oracle Linux. Oracle Linux is based off the CentOS sources as that's the only way that RedHat was making the source code to their distribution available (there way of meeting the terms of the GPL). RedHat has to make their source code available in one form or another so I can't imagine that this would have any impact on OL, but that's entirely guess work.