The world oil market is one of the largest markets in the world and owns one of the largest industries. The emergence of crude oil was formed over the centuries while the process of extraction, storage and transportation of oil through the centuries modernized. Venezuela is the country with the largest oil reserves in the world, while the United States is the largest supplier of oil in the world. In order to preserve the interest of oil-exporting countries, the international organization OPEC has been created, which is estimated to currently cover about 40% of the world oil market. The two basic quality characteristics according to which the market value of oil is classified are density and percentage of sulfur content, and on the other hand the two most important criteria by which the price of crude oil is determined are Brent and West Texas Intermediate (WTI). It is traded in one currency for transparency, cost and risk reduction, and most often it is the US dollar. The largest oil companies in the world will be described with a focus on their business policy, how much they earn, how much oil they have extracted and exported. The main goal of this final paper is to show the movement of oil prices in the period from 2000 to 2020. The concepts of oil shocks that occurred in the 1990s and how they were conditioned by changes in the price of oil and what consequences they had on the market itself will be explained chronologically. In the period from 2000 to 2010, there were gradual increases in oil prices until the summer of 2008, when a sharp decline in prices caused by the economic crisis began. In the period from 2010 to 2020, two phenomena will appear that will change the oil market and the price will vary again. In the period from 2014 to 2016, prices are collapsing, followed by a gradual recovery from the collapse followed by the COVID-19 pandemic, which resulted in another fall in prices in 2020. After conducting research on price movements over a period of 20 years, the assumptions that will describe the forecasts for the oil market and the oil industry in the future and what possible changes await them will be stated.