Burning fossil fuels has reduced oxygen levels very slightly – about 0.057 per cent over the last 30 years. Deforestation only has a small effect because when rainforest is cut down, other plants are usually grown in its place. But it’s marine plankton, rather than trees, that produces about 70 per cent of atmospheric oxygen. Global warming will have a significant impact on plankton, which is a much more serious threat to oxygen levels.