Oil is one of the key primary energy resources in the global fuel and energy balance, and experts predict that it will continue to hold this status until 2040. Nevertheless, the oil industry is currently undergoing a period of structural changes. On the one hand, the instability of the global economy, international conflicts, and the continuation of a policy of trade wars and sanctions are creating excessive volatility in the commodity and financial markets for oil. On the other hand, the development of electric cars and renewable energy sources, the hydrogen economy and the gas motor fuel market, and tightening environmental regulations pose new challenges to the oil market. How well equipped are the current OPEC+ terms of trade to deal with the growing threats to the oil market? How do black swans change the composition of the global balance of supply and demand for oil? Is a further consolidation of efforts necessary in order to minimize the effects of black swans? What is the potential for transforming oil trade flows, taking into account the growth in shale production?