10 Largest Oil Companies in the World

While efforts towards greener energy have been expanding all around the world, society still relies heavily on fossil fuels. Oil production directly impacts trade and the manufacturing of many commodities that we use on a daily basis, and the production of natural gas and oil is necessary for society to function smoothly.

As you might expect, any industry that plays such a key role in modern living deals with extremely high production volume! Today we’ll be learning some interesting facts about 10 of the largest oil companies in the world and ranking them according to their daily oil production in billion barrels of oil (bbl).

10. Pemex

  Source: wikimedia.org

Pemex, or Petróleos Mexicanos, operates through three primary business divisions: Industrial Transformation, Exploration and Production, and International Commerce. Mexico was one of the first countries in the Western Hemisphere to produce natural gas and oil, and President Cárdenas took it upon himself to nationalize Mexican fossil fuel production with the founding of Pemex in order to combat foreign influences on the industry.

Did You Know?

Pemex is the largest contributor of taxes to the Mexican government, meaning that its success directly affects the success of the country as a whole.

9. Chevron

  Source: wikimedia.org

The largest producer worldwide of geothermal energy, Chevron conducts research for advancing biofuels alongside operating in all stages of gas and oil production. Chevron originally began with the Pacific Coast Oil Company in California, with Iowa’s Standard Oil Company serving as its largest customer.

Did You Know?

The Chevron Corporation is active in over 180 different countries around the world.

8. ADNOC (Abu Dhabi National Oil Company)

  Source: wikimedia.org

The Abu Dhabi National Oil Company proudly accounts for over 90% of the United Arab Emirates’ oil reserves, and has subsidiaries in all production stages: upstream, midstream, and downstream. The ADNOC headquarters skyscraper complex is known for being a model of sustainable architectural technology.

Did You Know?

The natural gas available for processing in the UAE is high in sulfur, which makes it more expensive and challenging to refine.

7. Petrobras

  Source: wikimedia.org

Otherwise known as “Petróleo Brasileiro S.A.,” this Brazilian corporation’s production numbers jumped dramatically during 2010 as a result of the discovery of large deepwater oil fields in the Campos Basin. The production from these fields still account for the majority of Petrobras’ oil production and proven reserves today.

Did You Know?

The famous “Operation Car Wash” scandal of 2014, which involved accusations of money laundering and skimming company profits to pay politicians for contracts, cost Petrobras billions in lawsuit settlements.

6. ExxonMobil

  Source: wikimedia.org

This multinational oil and gas corporation was formed by the merger of Exxon and Mobil to become the largest direct descendant from John D. Rockefeller’s Standard Oil Company. In 2018, ExxonMobil made second place in the Fortune 500 rankings as the highest-revenue corporation in the United States.

Did You Know?

ExxonMobil signed an agreement with Russian oil giant Rosneft to develop tight oil in Western Siberia and explore production possibilities in the Arctic.

5. CNPC (China National Petroleum Corporation)

  Source: wikimedia.org

Handling approximately two thirds of China’s natural gas and oil output, the China National Petroleum Corporation has gas interests and assets in more than 30 countries. CNPC provides services for oil fields in 50 countries as well. While the company as we know it today was founded in 1988, the roots of CNPC can be traced all the way back to the Fuel Industry Ministry of Communist China.

Did You Know?

CNPC has been central to the Chinese government’s efforts towards managing the ever-increasing dependency on fossil fuels, and has struggled to adapt to economic changes.

4. NIOC (National Iranian Oil Company)

  Source: wikimedia.org

This massive government-owned corporation boasts around 7% of the world’s oil reserves, which are managed by the Ministry of Petroleum of Iran. The petroleum mined by NIOC is moved via pipeline to Kharq Island, where it is then transported by tankers to the rest of the world.

Did You Know?

NIOC’s oil productions used to be higher before numerous sanctions imposed by the United States and the European Union, which catalyzed a production decline of around 4% per year.

3. KPC (Kuwait Petroleum Corp)

  Source: wikimedia.org

This impressive integrated oil and gas corporation was originally founded as an umbrella company to oversee organizations such as the Kuwait Oil Tanker Company, the Petrochemicals Industries Company, and the Kuwait Foreign Petroleum Exploration Company. This move placed all of these companies under government control, allowing for greater government capitalization and regulation.

Did You Know?

In 1952, it was agreed that Kuwait and the oil companies would share the net profits from the oil industry evenly. This resulted in an extremely high per capita income during the following years.

2. Rosneft

  Source: wikimedia.org

This Russian integrated energy company started off by being fully owned by the state, but was incorporated and became an open joint stock company in 1995. Rosneft is Russia’s largest petroleum company, and is the largest publicly traded petroleum company worldwide.

Did You Know?

Vladimir Putin recently sold a 19.5% stake in Rosneft, making it the largest transfer of property from state to private ownership since the 1990’s. However, the full identity of the buyers in unknown to the public.

1. Saudi Aramco

  Source: wikimedia.org

Saudi Aramco is the largest oil company in the world by daily oil production. It is also one of the largest companies in the world by annual revenue, and has been called the most profitable as well. Saudi Aramco is also famous for having one of the largest crude oil reserves in the world at a staggering 261.1 bbl!

Did You Know?

Saudi Aramco manages more than 100 gas and oil fields in Saudi Arabia, including Safaniya Field, which is the largest offshore oil field in the world.