Ocean deoxygenation is becoming a major stressor for marine ecosystems due to anthropogenic climate change. Two major pathways through which climate change affects ocean oxygen are changes in wind fields and changes in air-sea heat and freshwater fluxes. Here, we use a global ocean biogeochemistry model run under historical atmospheric forcing to show that wind stress is the dominant driver of year-to-year oxygen variability in most ocean regions. Only in areas of water mass formation do air-sea heat and freshwater fluxes dominate year-to-year oxygen dynamics. The deoxygenation since the late 1960s has been driven mainly by changes in air-sea heat and freshwater fluxes. Part of this deoxygenation has been mitigated by wind-driven increases in ventilation and interior oxygen supply, mainly in the Southern Ocean. The predicted slowdown in wind stress intensification, combined with continued ocean warming, may therefore greatly accelerate ocean deoxygenation in the coming decades. The fact that the model used here, along with many state-of-the-art forced ocean models, underestimates recent ocean deoxygenation indicates the need to use forcing fields that better represent pre-industrial conditions during their spin-up.