Oil Barons received mixed reviews and was awarded a Certificate of Merit in the category of "1984 Best Multi-Player Video Game/Computer Game" at the fifth annual Arkie Awards.[3]: 29
Ahoy! criticized the pace of the game, noting that each player had to "sit at the computer for several minutes. Other players can use this time to strategize, but things can get pretty slow. Oil Barons, for all its complexity, may not keep you entertained while you are waiting."[4]