Oxygen, one of the most common and important elements in nature, has an exceedingly well-explored phase diagram under pressure, up to and beyond 100 GPa. At low temperatures, the low-pressure antiferromagnetic phases below 8 GPa where O 2 molecules have spin S = 1 are followed by the broad apparently nonmagnetic e phase from about 8 to 96 GPa. In this phase, which is our focus, molecules group structurally together to form quartets while switching, as believed by most, to spin S = 0. Here we present theoretical results strongly connecting with existing vibrational and optical evidence, showing that this is true only above 20 GPa, whereas the S = 1 molecular state survives up to about 20 GPa. The e phase thus breaks up into two: a spinless e 0 (20−96 GPa), and another e 1 (8−20 GPa) where the molecules have S = 1 but possess only short-range antiferromagnetic correlations. A local spin liquid-like singlet ground state akin to some earlier proposals, and whose optical signature we identify in existing data, is proposed for this phase. Our proposed phase diagram thus has a first-order phase transition just above 20 GPa, extending at finite temperature and most likely terminating into a crossover with a critical point near 30 GPa and 200 K. M olecular systems display at high pressure a horn of plenty of intriguing phases. That is especially true of molecular oxygen, whose diatomic molecule survives unbroken up to at least 133 GPa (1), and where the original spin S = 1 of the gas phase plays an important role. In the phase diagram of O 2 ( Fig. 1), we focus on the wide e-O 2 phase between 8 and 96 GPa, a phase which has long intrigued the community (2). Unlike the two bordering phases, δ-O 2 , an antiferromagnetic (AF) S = 1 correlated insulator at lower pressure, and ζ-O 2 , a regular and superconducting nonmagnetic (NM) metal at higher pressure, e-O 2 is an insulator of more complex nature. Structurally, highpressure X-ray diffraction (3, 4) revealed in the last decade that at the δ−e transition at P ∼ 8 GPa, the close-packed O 2 planes undergo a large distortion giving rise to molecular O 8 "quartets" (Fig. 1, Inset). Spin-polarized neutron diffraction showed that simultaneously there is a collapse of long-range AF Néel order at the δ−e transition (5). That observation unfortunately did not provide conclusive information about the nature of the ground state in e-O 2 and in particular about any further role played in e-O 2 by the spin of individual molecules, if any. It has been tempting to imagine that the O 2 molecular magnetic state could simply collapse from S = 1 to S = 0 at the δ−e transition. In support of this idea, it can be noted that the metallic state band structure of a hypothetical undistorted nonmagnetic O 2 (6) is prone to turn spontaneously insulating through a Peierls type distortion, for example dimerizing (7,8) or tetramerizing (9) the molecules. Further density functional theory (DFT) calculations strengthened that picture, showing that the quartet distorted geometry (10) drives the undistorte...