Hi DrAmir,
The reason you're using a high fresh gas flow (FGF) is to overcome the limitation of not using a gas analyser.
In the circle circuit on your anaesthetic machine, the ratio between recycled gas (previously expired by the patient, scrubbed of CO2 through the soda lime, and returned) versus fresh gas from (passed through the vaporiser) depends on your FGF.
So at 7L/min, almost all gas reaching the patient is fresh; at 0.5L/min almost all gas reaching the patient is recycled. You can imagine that at 0.5L/min the number on the vaporiser is nowhere near what is actually being breathed - some O2 and some volatile agent has been removed by the patient so the concentration of these drop. To complicate matters, removal of volatile agent by the patient changes as the case goes on and the patient 'fills up' with drug.
When I give an anaesthetic, I can anticipate this drop and turn my vaporiser to say 4% isoflurane, even though I only want 1% isoflurane. Then my gas analyser tells me that yes, the patient is breathing 1% isoflurane and adequate oxygen. In fact, I barely pay attention to the number on the vaporiser dial and rely on the gas analysis to tell me what the current % is.
It lets us save a lot of money not on just O2, but also the (often quite expensive) volatile agent.
Please keep in mind, if you try to do this without a gas analyser you run the risk of giving much less volatile and even oxygen than you think you're giving.
Have a look at this BJA education article for a bit more detail:
Low-flow anaesthesia | Continuing Education in Anaesthesia Critical Care & Pain | Oxford Academic