Walker, J. C. G., Hays, P. B. and Kasting, J. F. (1981) ‘A negative feedback mechanism for the long-term stabilization of Earth’s surface temperature’, Journal of Geophysical Research: Oceans, vol. 86, no. C10, pp. 9776–9782.
Broecker, W. S. (2009) ‘Wally’s Quest to Understand the Ocean’s CaCO3 Cycle’, Annual Review of Marine Science, vol. 1, no. 1, pp. 1–18 [Online]. DOI: 10.1146/annurev.marine.010908.163936.
IPCC AR5 Chapter 6 Carbon and Other Biogeochemical Cycles https://www.ipcc.ch/pdf/assessment-report/ar5/wg1/WG1AR5_Chapter06_FINAL.pdf
The ocean plays an important role in the global carbon cycle. Carbon moves in and out of the ocean daily, but it is also stored there for thousands of years.
There are three oceanic branches to the Oceanic carbon cycle: the physical pump, the organic (carbon) pump and the carbonate pump. The physical pump only acts during glacial periods such as we are in now. The cold water in the polar regions absorbs more carbon dioxide which sinks to the bottom of the ocean. This is also true for oxygen, and the O2 acts against the organic pump, oxydising the organic material that sinks from the photic zone and converting it to CO2. In non glacial times this organic material sinks to the ocean floor and becomes oil. The third pump carries/settles carbonate on the ocean floor which acts as a carbon sink removing carbon dioxide from the atmosphere/ocean system. The carbonate sediment eventually become limestone rocks.
However, increasing the CO2 in the atmosphere make the oceans more acidic and preventing the formation of carbonates. This means less drawdown of carbon dioxide from the atmosphere. The chemistry involved is quite complicated and is described here: Carbonate equilibria in natural waters http://www.chem1.com/acad/pdf/c3carb.pdf