This study explores the global and Kazakhstani oil industry, including the history of oil use, major discoveries, production methods, and the potential implications of peak oil. It examines the role of petroleum as a critical energy source and raw material, highlighting major oil reserves worldwide and key players in Kazakhstan’s oil sector, particularly Tengizchevroil and KazMunayGas. The paper also addresses the environmental and economic aspects of oil production and its contribution to national and global development.