This paper summarizes traditional economic views on world oil market as well, with special focus on big fall in oil prices during 2014 and prices changes impact on oil exporting and importing countries. Comparison of selected economic indicators for the greatest oil export-ing and importing countries was presented. Analysis have shown a huge impact of oil prices on both, oil exporting as well as importing, countries. It was shown that it is to be expected that the current oil shock will manifest itself in the exporting countries in accordance with these conclusions, ie. countries with more diversified economies and exports, and better fiscal capacity and the possibility of favorable borrowing will be able to respond more effectively to falling prices due to the COVID-19 pandemic. On the part of importers, it is to be ex-pected that such a phenomenon will complicate the adoption of macroeconomic policies due to deflationary pressures of falling oil prices, which contribute to deflationary pressures and expectations that will result from the economic consequences of the COVID-19 pandemic.