Abstract. For the last several years the world oil market is developing under the impact of exogenous shocks, the most powerful of them being the global pandemic of the coronavirus infection. Nor less powerfully the world oil price dynamics is influenced by Central Banks policies, first of all the US Federal Reserve System, which try to dismantle the macroeconomic imbalances accumulated during the recent decades and bring down the inflationary wave by rising interest rate. In 2022 the exogenous shock, provoked by the geopolitical crisis in Ukraine and around Ukraine, noticeably influenced the geographical structure of crude oil and oil products export-import flows and to some extent the dynamics of the demand for oil. In response to the sanctions, Russian companies successfully redirected export flows of crude oil to friendly and neutral countries. To a large extent, the success in reorienting export flows is due to the fact that the main sanctions on Russian oil export came into effect only in late 2022/early 2023. The structure of world demand for oil and its global supply has changed insignificantly. The center of world oil consumption continues to shift to the Asia-Pacific region. The OPEC+ countries continue the policy of targeted reduction of oil production in order to support the price of oil. The United States strengthened the positions in global oil production and trade in oil and oil products. It is highly likely that in 2023 the world oil market might face more radical changes.