Importance The article analyzes contemporary development trends of the oil market and their background. We also determine and systematize prospects for the oil market up to 2040. In the current complicated circumstances, the Russian oil companies should outline marketing strategies for commercializing their innovation. Objectives The research determines trends and prospects of the oil market, which will continue its development within the coming 30–40 years. We also search for methods to bring oil companies into an innovative path, which will be more effective if coupled with innovation and marketing strategies. Methods The methodological framework includes comparative timing and cross-country analysis, statistical method, methods of induction and deduction, forecasting. Results We grouped trends and prospects of the oil market and substantiated how important for the Russian oil companies to use marketing strategies for commercializing innovation. Conclusions and Relevance Contemporary trends in the oil market demonstrate its development and stable growth in production and consumption of oil and gas, with innovative activity and innovation efficiency being higher. The competitiveness of the Russian oil companies depends not only on innovation itself, but also innovation commercialization strategies.
Keywords: commercialization, oil market, marketing strategies, innovation, oil company
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