Oil is one of the most important strategic raw materials globally, which implies that all major events in the oil market and the oil industry impact the state of the global economy. Given that the oil industry, events in it can be viewed as factors that affect the economy, it is important to understand the characteristics of the industry and the impact of management decisions of the company on the industry itself. The subject of this paper is a review of the oil industry through an overview of the application of the regularity of economic theory in managerial decision-making. Secondary data were used to write the paper, referring to books, textbooks, scientific articles related to the field of management economics, and the official annual reports of INA d.d. were used to perform the analysis. In addition to the above, relevant Internet sources and literature in the field of financial statement analysis and crisis management were used. The scientific research methods used in this paper relate to the method of description, the method of analysis and synthesis, the inductive and deductive methods, and the method of comparison. This paper aims to get acquainted with the elements of management economics within the oil industry and use the theory of managerial economics to identify factors that contribute to the improvement of business in the observed industry. An analysis of the oil industry in the Republic of Croatia was conducted and the business operations of INA d.d.