Nowadays, oil is increasingly important in the world and this article presents the fundamental properties of fossil fuels, including oil, coal and natural gas. The history of oil is divided into four stages and explains the most important characteristics and events of each stage. As economies tend to grow and standards of living improve, there is a greater need and need for more energy, primarily oil. to provide. With all the proven reserves, it is difficult to predict how long this journey with oil will last, but it all depends on future discoveries, consumption and use of alternative fuels. Due to this evident decline in conventional oil production, population growth, among other factors, methods as Fisher-Tropsch is interested in the production of alternative fuels from non-oil sources such as coal, natural gas or biomass. A brief explanation of the method is presented and the increase in production of these fuels derived by this method, in particular from natural gas (GTL), is summarized. Two different positions on global peak oil are presented, those who believe in a close date for peak oil (most of them fall within a range of 2005 to 2012) and those who believe in a distant peak oil. Major organizations such as the EIA estimate that global peak oil will not be reached until 2035, while the IEA estimates that the peak was reached in 2006. This difference is based on the approximations and types of simulations used. In this article, we present the fundamental concepts and evidence that oil production has declined and that this decline is greater for non-OPEC countries. Furthermore, this paper focuses on studying the literature that summarizes the actual information about the oil condition.1. IntroductionNow...... middle of paper ...... in order to control the price and production of oil. OPEC forced the multinational oil companies to agree to increase the oil tax, adjust the oil policy several times, and regain the large concession to nationalize the country's oil resources. They pursued a limited production price policy in the oversupply situation of the global oil market in the early 1980s, dominating the global oil industry (Li, 2013). The fourth stage extends from 1973 to the present. Price levels fluctuated as supply and demand can accept and depend more on the markets from 1987 to 1999. The price of crude oil continues to increase after 1999 and still maintains at a high level. Therefore, the global oil industry is growing rapidly, so the changes in the oil market are endless, making it very difficult to accurately forecast the trends of the oil industry (China University of Petroleum)., 2011).