The course consists of five parts: (i) Introduction to petroleum markets, (ii) Oil market theories, (iii) Petroleum taxation and wealth management, and (iv) Energy and the environment. Part (i) gives an overview of petroleum markets today, including resource allocation, production, trade, and the role of both renewable and non-renewable energy in the world economy. This part also gives the historical perspective. Part (ii) presents theories for modelling the oil market. We consider different market structures, such as perfect competition, monopoly, and price leadership, and relate this to the oil market. In part (iii), we cover the management of petroleum wealth from a macro perspective, and resource taxation. We cover the basic principles of petroleum taxation and investigate the Norwegian petroleum taxation system and how it has evolved over time. Part (iv) deals with how climate change and climate regulations affect energy markets, including how the ongoing renewable energy transition affects petroleum demand and production. We consider specific markets, such as the transportation sector, where we explore how recent fuel-efficiency and emissions reductions policies affect energy use, and we consider the macro implications for a petroleum-dependent economy such as Norway of a transition towards a low-emissions future.