It appears from my limited research that it depends how it is stored, not too hot and not too cold it will be okay for years if it is in the original sealed container.
Some companies will only guarantee it for two to five years on the shelf but others the web say that if it is shook well to remix the additives in the bottle then they haven't any problems.
Don't store it any other container and don't leave open to air as it oxydizes. Opened bottles will deteriorate much quicker.
Motor oil does have a shelf life. Depending on whether it is synthetic or conventional, it can be stored from any time of two - five years.
I had an unopened plastic container of gear oil (SAE 80 ie thick) and over a number of years the container started to collapse, suggesting that the oil was reacting with the plastic or, more likely, that some more volatile or smaller molecular particles had passed through the container walls reducing the pressure inside. Thus I would suggest that the oil properties changed over time, probably for the worse. The shelf life of oil will, in addition to temperature, temperature change, humidity depend on the container that it is in and its make up (what kind of oil it is )