The goal of this research is to monitor and examine how the global oil market operates, with a focus on how important it is to the Colombian economy. A theoretical framework that describes the history of oil, the properties of the substance, its derivative products, the stages of the production process, and its effects on the environment is presented as a means of generating precise comprehension. Later, the global market will be covered through a qualitative and quantitative analysis of the primary factors affecting the global market, as well as its key actors, using the databases provided by the Organization of Petroleum Exporting Countries (OPEC) and the Observatory of Economic Complexity (OEC).