This review paper examines the impact of gas flaring and direct venting in the oil and gas industry on air quality and climate change. Flaring generates CO₂, NOₓ, SO₂, and fine particulate matter, including black carbon, while venting directly releases methane with a high short-term global warming potential. Due to variable combustion efficiency, unlit flares, and systematic venting, actual emissions often exceed reported inventories. We summarize findings from studies based on satellite assessments and targeted field measurements, including the identification of 'ultra-emitters' and epidemiological evidence of local health effects. Regulatory trends (EU, USA) toward banning routine flaring/venting, introducing mandatory MRV/LDAR programs, and aligning with international initiatives are discussed. Technological mitigation measures are presented (gas capture and reuse, replacement of pneumatic equipment with low-emission alternatives, closed-loop systems, and, where applicable, CCS) along with their medium-term cost-effectiveness. We conclude that the rapid implementation of available solutions is crucial for achieving sustainable development goals, improving air quality, and supporting the energy transition.