Oil currently amounts for just under a third of the world’s energy, and oil companies have invested a great deal in exploration and overseas projects to ensure they can continue to help meet global energy demands.
About 6000 kinds of products and goods are also made from oil, ranging from household goods to pharmaceutical products and the automotive industry. This commercial utility means the demand for oil extends beyond the energy sector, and has ensured that oil companies have an important role throughout society.
Largest oil companies by production: ranking the top ten
This significant impact on the energy and manufacturing sectors, among others, has made oil an important commodity for decades now.
But which companies are leading in this booming sector?
(The production statistics quoted in this feature come from GlobalData’s analyst team and are for 2018.)
1) Saudi Aramco – 10,963,091bbl/day
The Saudi Arabian Oil Company, better known as Saudi Aramco, is the world leader in oil production with a production rate of over 10 million barrels of oil per day (mbbl/day).
The company has the world’s second-largest proven crude oil reserves with 261.5 billion barrels of oil equivalent (BBOe), which accounts for about 10% of the world’s crude oil supply.
Saudi Aramco is also one of the largest and most profitable companies in the world, with a net income of $111.1bn in 2018.
2) Rosneft – 42,17,780bbl/day
Russian integrated energy company Rosneft is the second-largest producer of oil in the world, as well as the world’s largest publicly-traded petroleum company, with a production rate of over 4.2mbbl/day.
The company’s proven hydrocarbon resources are around 41BBOe, with a number of exploration operations increasing Rosneft’s resources in recent years.
Rosneft is the third-largest company in Russia, and accounts for over 40% of Russia’s crude and condensate production. These production levels are expected to continue through to 2021, bolstered by a number of discoveries and projects launched in 2018.
3) KPC – 3,412,203bbl/day
The state-owned Kuwait Petroleum Company (KPC) is the third-largest producer of oil in the world, with a production rate of over 3.4mbbl/day.
The company produces approximately 7% of the world’s total crude oil, with proven reserves of about 111BBOe.
At the end of 2018, KPC announced an investment plan worth approximately $115bn, as part of its intention to increase oil production to 4mbbl/day by 2020.
4) NIOC – 3,256,486bbl/day
The National Iranian Oil Company (NIOC) is an important company in the oil and gas market despite US-imposed sanctions on Iran, with a production rate of over 3.2mbbl/day.
While the sanctions placed on Iran due to the country’s nuclear programme have deterred overseas investments in Iranian oil and gas, the NIOC continues to invest in exploration projects to utilise the 200 undeveloped oil and gas fields in the country.
5) CNPC – 2,981,246bbl/day
The state-owned China National Petroleum Company (CNPC) is the largest producer of oil in East Asia, with a production rate of just under 3mbbl/day.
CNPC is also one of the largest oil and gas companies by revenue, with revenues of $326bn The company ranked #4 in Forbes’ Global Fortune 500 from 2017-2019.
6) ExxonMobil – 2,294,701bbl/day
As a member of “Big Oil,” American energy company ExxonMobil is one of the world’s most influential companies and the largest producer by oil in the US, with a production rate of 2.3mbbl/day.
ExxonMobil is also one the world’s largest companies by revenue, with revenues of $244.3bn.
7) Petrobras – 1,987,950bbl/day
Brazilian multinational Petroleo Brasiliero, better known as Petrobras, is the largest producer of oil in South America with a production rate of just under 2mbbl/day.
While the company has struggled with corruption scandals and debt woes in recent years, Petrobras has shown signs of recovery and is involved in a number of planned exploration and production projects.
8) ADNOC – 1,973,135bbl/day
With a production rate of just under 2mbbl/day, the UAE’s state-owned Abu Dhabi National Oil Company (ADNOC) is a significant player in the Organization of the Petroleum Exporting Countries (OPEC).
The company works with overseas contractors and multinationals to expand the UAE’s offshore industry. Recently, this includes initiating exploration bidding rounds for blocks in the UAE and awarding a number of contracts to develop offshore oil and gas in the country.
9) Chevron – 1,830,537bbl/day
American multinational Chevron was one of the “Seven Sisters” that dominated the global oil and gas industry from 1940-1970 and continues to be an influential company in modern markets, with a production rate of 1.8mbbl/day.
In April 2019 Chevron signed a deal to acquire hydrocarbon exploration company Anadarko for $50bn, but this merger deal is likely to be terminated following Occidental Petroleum’s acquisition of Anadarko in May 2019.
10) Pemex – 1,813,360bbl/day
State-owned petroleum company Petroleo Mexicanos, better known as Pemex, is one of the largest companies in Latin America with a production rate of 1.8mbbl/day.