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Trees are the second main source of oxygen on the planet, after algae. Deforestation reduces the number of trees and so reduces the amount of carbon dioxide that is getting turned back into oxygen.
Like I stated in Capuchins post above, the deforestation going on presently is not enough to severly imbalance the oxygen levels, the the percentage fall is negligible. However, detrivores and other such decomposer's release waste when breaking down complex organics back into their basic elements. Carbon dioxide AND other carbon based compounds are released as waste or products during these process.
Most of the trees that are deforested are left to rot, they only make furniture out of prime trees with good woody resins as material, not the crap you find in many of england s forests. This rotting produces ALOT of carbon dioxide which severly adds to the the global warming.
I think the part you missed was that he wasn't referring to the current amount of oxygen but to the rising amount of cardon dioxide. Go back and read the post that you disagreed with.