Аннотация
Oil price fluctuations transmit volatility across equity, currency, and macro-financial markets, yet existing scholarship remains fragmented across methods, regions, and disciplines. This study conducts a bibliometric analysis of 1,969 peer-reviewed articles (2000–2025) from the Web of Science Core Collection, systematically mapping the intellectual structure and thematic evolution of oil–finance research. Using performance indicators and VOSviewer science mapping, we identify leading authors, institutions, journals, and research trends. Results show that scholarly activity surged after the 2014–2016 oil price collapse and again during the COVID-19 pandemic and the 2022 energy crisis, confirming that real-world disruptions stimulate research agendas. Keyword evolution demonstrates a shift from macroeconomic fundamentals and volatility spillovers toward systemic risk, clean energy, and ESG finance. The research enhances its academic value by applying global evidence to develop governance systems for Kazakhstan, which heavily relies on oil production, through three main components: fiscal rules and National Fund operations based on oil-price bands, financial-sector stress tests that assess oil-related contagion, and civil-service training programs focused on spillover measurement and transition finance. The research provides Kazakhstan and other resource-dependent economies with a framework to enhance their methodological standards and regional partnerships and evidence-driven governance decisions for oil market and financial system management. Keywords: oil price fluctuations, financial markets, volatility spillovers, energy finance, systematic risk, bibliometric analysis