AbstractIn the subsurface ocean, O2 depleted because of organic matter remineralization is generally estimated based on apparent oxygen utilization (AOU). However, AOU is an imperfect measure of oxygen utilization because of O2 air‐sea disequilibrium at the site of deepwater formation. Recent methodological and instrumental advances have paved the way to further deconvolve the processes driving the O2 signature. Using numerical model simulations of the global ocean, we show that the measurements of the dissolved O2/Ar ratio, which so far have been confined to the ocean surface, can provide improved estimates of oxygen utilization, especially in regions where the disequilibrium at the site of deepwater formation is associated with physical processes. We discuss applications of this new approach and implications for the current tracers relying on O2 such as remineralization ratios, respiratory quotients, and preformed nutrients. Finally, we propose a new composite geochemical tracer, combining dissolved O2/Ar and phosphate concentration. Being insensitive to photosynthesis and respiration, the change in this new tracer reflects gas exchange at the air‐sea interface at the sites of deepwater formation.