With the extraction of crude oil from several kilometers below the earth surface usually some associated gas comes to the surface as well. If there are not enough gas infrastructures or a nearby gas market in the area of the oil production, a significant portion of the associated gas may be vented or flared in the atmosphere. The importance of reduction of flaring or venting of natural gas can be mentioned from two aspects. Firstly, natural gas is a valuable source of energy. The national oceanic and atmospheric administration estimates 134 bcm of associated gas were flared worldwide in 2010. This is roughly equivalent to 5% of the world's total gas consumption, or 30% of the European Union gas consumption. Secondly, burning any kind of fossil fuel emits carbon dioxide as the main green house gas into the atmosphere which leads to global warming. This work presents recent developments in gas flaring and venting reduction throughout the world. The best way of gas flaring reduction is using associated gas as a source of energy or re-injecting it into the reservoir in order to increase oil production. Associated gas can be used to generate electricity or be transported by pipeline to consumption points. In some areas liquefied natural gas (LNG) or gas-to liquids (GTL) projects may make economic sense. Economically using of the associated gas depends on the volume of production and the distance to markets.