The market for North Sea Brent Oil directly determines the price of over one-half of the world trade in crude oil. This study analyzes the workings of the oil market and describes how crude oil prices are determined throughout the world. It covers OPEC pricing, futures markets for oil, the impact of the UK taxation regime, and the mechanisms by which the world price of oil is determined. The text should be of benefit to those working in the areas of futures and forward markets, OPEC behaviour, North Sea oil, oil taxation and oil prices.