Oxygen enters blood capillaries at the alveoli in the lungs.
Alveoli have a high pO2 so oxygen loads onto haemoglobin to form oxyhaemoglobin.
When cells respire, they use up oxygen - this lowers the pO2
Red blood cells deliver oxyhaemoglobin to respiring tissues, where it unloads its oxygen
The haemoglobin then returns to the lungs to pick up more oxygen