Top 10 Oil-producing Companies, Are They All from the Middle East?

TEMPO.CO, Jakarta - The widespread use of oil in various industries has made oil a necessity and solidified its importance in society. People of all backgrounds are becoming more aware of the biggest oil-producing companies, and are engaging in the prospects with consumers' perspectives. 

This article reveals the largest oil-producing companies based on the production volume according to the companies' annual reports as cited on Statista. Each data is in 1,000 barrels per day. 

The Biggest Oil-Producing Companies

1. Saudi Aramco (Saudi Arabia) - 11,540 

Known as an oil-producing nation, Saudi Arabia is ranked number one with Saudi Aramco as the largest oil-producing company in the world. It's important to note that Saudi Arabia oversees the entire process, as Saudi Aramco is a state-controlled oil company. 

Saudi Aramco produced more than four times the amount of its nearest competitor, indicating its pivotal role in the oil industry. 

2. PetroChina (China) - 2,567 

Apart from being the second largest oil-producing company in the world, PetroChina is recorded to be the 18th largest company in the world according to Forbes. Founded in 1999 by Yi Lin Wang, PetroChina has gathered around 375,803 employees. 

Today, PetroChina produces about 2,567 oil in 1,000 barrels per day, about four times behind Saudi Aramco. 

3. ExxonMobil (US) - 2,449 

Exxon Mobil Corporation is a US-based oil and natural gas production company. It provides various integrated oil production such as fuels, chemicals, and lubricants for automotive, aviation, trucking, and marine industries. 

Exxon Mobil follows in third place by producing approximately 2,449 oil in 1,000 bpd. The company has been in business since 1870 and continues to serve customers worldwide. 

4. Petrobras (Brazil) - 2,231

Petrobras is a state-controlled oil company in Brazil, where the federal government owns 50.26% of the company's common stock and 28.67% of its total share capital. 

According to the company's official profile, Brazilians are allowed to trade Petrobras shares on the B3, also known as the Brazilian Stock Exchange. Petrobras is reported to have made a net profit of BRL 23.7 billion in the first quarter of 2024, making it an attractive company to invest in. 

5. Pemex (Mexico) - 1,875 

Pemex, also known as Petroleos Mexicanos, is the fifth biggest oil producer company in the world which produces 1,875 oil supplies in 1,000 bpd. It's a wholly state-owned company in Mexico. 

According to the World Benchmarking Alliance, the company had a revenue of $73.78 in 2021 and is the largest tax contributor to the Mexican government. 

6. Chevron (US) - 1,850 

Chevron Corporation was founded in 1879 as Pacific Coast Oil Co. The company has changed its name more than once since then. 

Today, Chevron operates as a renewable fuel company where they produce as many as 1,850 oil supplies in 1,000 bpd. The company also provides transportation of crude oil and natural gas worldwide. 

7. TotalEnergies (France) - 1,550 

TotalEnergies is an energy company that produces oil, biofuels, natural gas, green gas, and electricity and markets them worldwide. The company operates in 120 countries and has more than 100,000 employees. 

8. Shell (Netherlands) - 1,454

Shell made the list of the largest oil-producing companies in the world by producing approximately 1,454 oil supplies in 1,000 barrels per day. Shell is a global group of energy and petrochemical companies operating in more than 70 countries. 

With 103,00 employees, Shell is a customer-focused company serving more than 1 million commercial and industrial customers. 

9. ConocoPhillips (US) - 1,304 

ConocoPhillips is one of the world's largest independent E&P companies, with 10,200 employees in 13 countries. It produces about 1,304 oil supplies in 1,000 barrels per day. 

10. BP (UK) - 1,115 

BP is one of the largest oil and gas producers in the United Kingdom, with more than 110 years of experience. As quoted on the company's official website, BP intends to continue investing in North Sea oil and gas. It is also reported that BP will invest up to £18 billion in the UK energy system by 2030.

Although Saudi Arabia plays a pivotal role in the oil industry, the biggest oil-producing companies by production volume are not all from the Middle Eastern country. 

Statista

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