A process for producing an alcohol from an olefinic feedstock which comprises hydroformylation of the olefin feedstock, hydrogenation of the resulting product mixture and distillation of the hydrogenated product to separate the mixture into (i) a lower boiling Light Oxo Fraction (LOF), (ii) desired alcohol and (iii) a higher boiling Heavy Oxo Fraction (HOF); the HOF then being subjected to catalytic steam cracking followed by catalytic hydrogenation, at least a portion of the resulting cracked and hydrogenated mixture then being recycled to an earlier stage of the process.