Efforts towards a global energy transition alongside technological innovation have pushed fossil fuels out of the minds of many scientists. Nevertheless, fossil fuels are still a major contributor to dynamics of energy markets, macroeconomics, and international policy. This talk is an interdisciplinary compilation of studies, facts, and outlooks on the probably most important fossil fuel, crude oil. Particularly, the talk elaborates on the changing economic environment that producers are forced to act in as a result of changed competition, the rise of renewable energy sources, and unconventional oil resources alongside political influences. Insights on the current state and future of oil will be given by results from DIW-maintained numerical partial equilibrium models OILMOD-E and MULTIMOD. Taking into consideration the political economy oil and its effect on economic development, the talk draws an ambiguous conclusion on the future of oil and its role for global markets and national economies.