Temperatures throughout the Jurassic and Cretaceous are generally thought to have been relatively warm, and consequently dissolved oxygen levels in the ocean were lower than today—making anoxia easier to achieve. However, more specific conditions are required to explain the short-period (less than a million years) oceanic anoxic events. Two hypotheses, and variations upon them, have proved most durable.
One hypothesis suggests that the anomalous accumulation of organic matter relates to its enhanced preservation under restricted and poorly oxygenated conditions, which themselves were a function of the particular geometry of the ocean basin: such a hypothesis, although readily applicable to the young and relatively narrow Cretaceous Atlantic (which could be likened to a large-scale Black Sea, only poorly connected to the World Ocean), fails to explain the occurrence of coeval black shales on open-ocean Pacific plateaus and shelf seas around the world. There are suggestions, again from the Atlantic, that a shift in oceanic circulation was responsible, where warm, salty waters at low latitudes became hypersaline and sank to form an intermediate layer, at  depth, with a temperature of .
The second hypothesis suggests that oceanic anoxic events record a major change in the fertility of the oceans that resulted in an increase in organic-walled plankton (including bacteria) at the expense of calcareous plankton such as coccoliths and foraminifera. Such an accelerated flux of organic matter would have expanded and intensified the oxygen minimum zone, further enhancing the amount of organic carbon entering the sedimentary record. Essentially this mechanism assumes a major increase in the availability of dissolved nutrients such as nitrate, phosphate and possibly iron to the phytoplankton population living in the illuminated layers of the oceans.
For such an increase to occur would have required an accelerated influx of land-derived nutrients coupled with vigorous upwelling, requiring major climate change on a global scale. Geochemical data from oxygen-isotope ratios in carbonate sediments and fossils, and magnesium/calcium ratios in fossils, indicate that all major oceanic anoxic events were associated with thermal maxima, making it likely that global weathering rates, and nutrient flux to the oceans, were increased during these intervals. Indeed, the reduced solubility of oxygen would lead to phosphate release, further nourishing the ocean and fuelling high productivity, hence a high oxygen demand—sustaining the event through a positive feedback.
Another way to explain anoxic events is that the Earth releases a huge volume of carbon dioxide during an interval of intense volcanism; global temperatures rise due to the greenhouse effect; global weathering rates and fluvial nutrient flux increase; organic productivity in the oceans increases; organic-carbon burial in the oceans increases (OAE begins); carbon dioxide is drawn down due to both burial of organic matter and weathering of silicate rocks (inverse greenhouse effect); global temperatures fall, and the ocean–atmosphere system returns to equilibrium (OAE ends).
In this way, an oceanic anoxic event can be viewed as the Earth's response to the injection of excess carbon dioxide into the atmosphere and hydrosphere. One test of this notion is to look at the age of large igneous provinces (LIPs), the extrusion of which would presumably have been accompanied by rapid effusion of vast quantities of volcanogenic gases such as carbon dioxide. The age of three LIPs (Karoo-Ferrar flood basalt, Caribbean large igneous province, Ontong Java Plateau) correlates well with that of the major Jurassic (early Toarcian) and Cretaceous (early Aptian and Cenomanian–Turonian) oceanic anoxic events, indicating that a causal link is feasible.