At the following map of Wikipedia (map 1), you can see with black the areas controlled by the Nazis in June 1942, and with blue the areas controlled by the allies. The Nazis were very close from taking control of the oil of the Middle East (Iraq, Iran, Saudi Arabia), and the oil of Baku (Azerbaijan). Moreover the Japanese were very close from taking India.
With their defeat by the British in the battle of El Alamein in Egypt at the end of 1942 (purple X), and with their defeat by the Russians in the battle of Stalingrad at the beginning of 1943, the Germans lost for good the war for oil, and it is said that these two battles determined the outcome of the war. Note that the main oilfields of Libya were discovered in 1959, and the oil fields of Kazakhstan had not been discovered yet. See map 2