Oil is what is driving the major activities of the world today, but which are the 11 biggest oil companies in the world that are driving the oil industry? There is no denying the fact that oil and petroleum are the crux of the activities of the modern world and hence, its prices and production affect each one of us. Whether it is for industry or for commercial use, our daily lives are crippled without oil and petroleum products. And, even when sources are susceptible to depletion, the oil consumption of the world is skyrocketing at a staggering 30 billion barrels per year.
Of course, such a huge consumption figure has to be met with an equally enormous extraction of oil and the biggest oil companies in the world are accounting for the largest volumes of it. The industry tackles most of the earth’s energy needs, and most of it, up to almost 53%, is accounted for by the Middle East. We shall see how most of the companies on our list are based in the area as well. However, for the purpose of this list we are only considering the companies that are largest in terms of volume as we might see the biggest players in terms of revenue generation provide us with an entirely different scenario. Nevertheless, the massive scales these companies are operating at are definitely unbeatable.
Since oil is vital to us it is best we familiarize ourselves with the companies who are meeting most of our oil needs. But, if you are interested in knowing about the largest players in other industries as well, do also have a look at our list of The Ocean’s 10 Biggest Shipping Companies that tackles the shipping industry’s who’s who appropriately.
So let’s begin exploring who are the biggest players in the largest industry in the world in terms of dollar value. Here’s the list:
11. ADNOC
Output: 2.9 million barrels per day
State owned company of United Arab Emirates (UAE), the Abu Dhabi National Oil Company (ADNOC) is not only the country’s biggest company but also has access to its rich reserves. Now considered a ‘supermajor’ oil company, it operates 2 refineries and 18 subsidiaries.
10. Kuwait Petroleum Corporation (KPC)
Output: 3.2 million barrels per day
Kuwait Petroleum Corporation (KPC), undertakes activities of exploration, extraction, refining, marketing and transportation and hopes to raise its production capacity to at least 4 million barrels per day by 2020 which can take it ahead of Chevron.
9. Chevron
Output: 3.5 million barrels per day
Chevron is an American player, one of the succeeding companies of the former Standard Oil. It operates in over 180 countries and also ranks high on the Fortune 500 list.
8. Pemex
Output: 3.6 million barrels per day
Petroleos Mexicanos or Pemex, is the second largest company by annual revenue in Latin America after Petrobas of Brazil. Even though the company has experienced some major cut in expenditure it still has managed to make it to our list of the biggest oil companies in the world.
7. Royal Dutch Shell
Output: 3.9 million barrels per day
Widely known as Shell, the Anglo-Dutch multinational company incorporated in the United Kingdom is one the six ‘supermajors’. It focuses on both upstream and downstream activities with its downstream activities being majorly decentralized and has a well-connected network including almost 4000 petrol stations and 47 oil refineries.
6. BP
Output: 4.1 million barrels per day
The other United Kingdom biggie operates in all areas of oil and gas industry and also delves into renewable energy business through wind power and bio-fuel. It operates in as many as 80 countries and owns a massive network of more than 17,800 service stations.
5. Petro China
Output: 4.4 million barrels per day
The Chinese state-owned company is the biggest company the country and has also bagged the rank of being 6th on the ‘Forbes 2000 The World’s Leading Companies’ list.
4. ExxonMobil
Output: 5.3 million barrels per day
The United States multinational oil and gas company with its headquarters in Irving, Texas is the world’s 5th largest company by revenue. It is also the largest state-owned company in the industry and accounts for 3% of the world’s oil production. It is, however, on a lookout for new sources.
3. National Iranian Oil Company (NIOC)
Output: 6.4 million barrels per day
The National Iranian Oil Company (NIOC) under the Ministry of Petroleum Iran, concerns itself with the exploration, extraction, transportation and exportation of crude oil and natural gas.
2. Gazprom
Output: 9.7 million barrels per day
The Russian company undertakes the largest extraction of natural gas in the world with access to major production fields in Western Siberia and Yamal Peninsula and also owns the largest gas transportation trunk lines in the world. Its production of crude oil was as high as 32 million tons in 2011.
1. Saudi Aramco
Output: 12.5 million barrels per day
The major Middle Eastern player has the world’s largest crude oil reserves of around 260 billion barrels, along with access to more than 100 oil and gas fields in Saudi Arabia including the world’s largest off-shore and on-shore fields. With the huge production activities it undertakes, the company is unparalleled in our list of the biggest oil companies in the world.
