We found that PhycoErythrin-rich <i>Synechococcus</i> achieved faster growth rates (µ), across the spectral bandwidths from 405 – 730 nm, under 2.5 µM [O<sub>2</sub>], characteristic of Oxygen Minimum Zones (OMZs), than under 250 µM [O<sub>2</sub>], whereas PhycoCyanin-rich strain showed generally similar µ under 2.5 and 250 µM [O<sub>2</sub>]. For PhycoCyanin- and PhycoErythrin-rich <i>Synechococcus</i>, µ showed also positive linear responses to both Phycobiliproteins:Chlorophyll <i>a</i>, and to cumulative diel PSII electron flux, although the relations vary across strain and [O<sub>2</sub>]. Electron transport downstream of Photosystem II was generally higher for both PhycoCyanin- and PhycoErythrin-rich strains under 250 µM [O<sub>2</sub>], since cyanobacteria show strong capacity for electron flow away from PSII to O<sub>2</sub>, particularly under excess excitation. Even though electron transport was faster under 250 µM [O<sub>2</sub>], the PhycoErythrin-rich strain showed a higher growth yield of electron transport under 2.5 µM [O<sub>2</sub>]. PhycoErythrin-rich <i>Synechococcus</i> are currently typically found at greater depths, and lower light, than are PhycoCyanin-rich strains, but we suggest that the PhycoErythrin-rich strains are actually limited to lower light by an interaction between light and full air-saturated [O<sub>2</sub>]. In expanding Oxygen Minimum Zones PhycoErythrin-rich strains will likely exploit higher light niches, across a wider spectral range.