A lot depends on what you intend for the size of the instance, but I host my private instance on Oracle too with even fewer resources and it’s been smooth sailing thus far.

The only snags I ran into were some network and firewall issues - resolved by adding ingress rules to the VCN’s security list. See step 3 of https://docs.oracle.com/en-us/iaas/developer-tutorials/tutorials/apache-on-ubuntu/01oci-ubuntu-apache-summary.htm