Abstract. World oil market in 2019 demonstrated an unpresented resilience to negative supply shocks. Nor the continuing decrease of oil production in the «old oil countries» Mexico and Venezuela, nor the abrupt fall of Iranian oil export because of the US sanctions, nether even the temporarily destruction of key oil infrastructure in the Saudi Arabia resulting from the military attack did not cause sharp rise in oil prices. The annual average oil price in 2019 is likely to be 10% lower compared to the previous year level. Decrease of oil production by OPEC+ agreement countries by 1.2 mln barrels per day since January and maintaining it at no higher than 43.9 mln barrels per day for the year along has not lead to rise in oil price, but only allowed to prevent it more noticeable decline. Relatively smooth dynamics of oil prices reflected an ongoing increase in the US oil production unfoldingamid the deceleration of world economic growth, what in turn resulted in the sluggish growth of global demand for oil.