According to the US Energy Information Association, the U.S. alone consumed an average of 20.5 million barrels of petroleum a day in 2018. This amounts to around 7.5 billion barrels over the year and approximately 22% of total world petroleum consumption.

The world's dependence on oil and gas is increasing as global economies and infrastructure continue to rely heavily on petroleum-based products. Discussions of when world oil and gas production will peak seem to be on the periphery, even amid a weakened global economy and the shrinking availability of oil. Indeed, the oil and gas industry continues to wield incredible influence in international economics and politics - especially in consideration of employment levels in the sector, with the U.S. oil and gas industry supporting at least 10 million jobs.

There are over 200 oil and gas companies in the world. In recent years the traditional supermajors have seen stiff competition from the growing number of National Oil Companies – state-owned entities that are increasingly seizing sole rights to major oil reserves.

Sinopec: Established in 1998 from the former China Petrochemical Corporation, the super-large petroleum and petrochemical enterprise group is primarily focused on exploration and production, refining, marketing and distribution.

The largest company on this list with an annual revenue of $377 billion, Sinopec, is a state-owned Chinese oil company based in Beijing. The company significantly expanded its assets by exploring and drilling in African territories, providing China with a major foothold in the continent. In fact, Chinese oil and gas organisations now operate in more than 20 African countries, with Sinopec regularly beating off major western oil and gas competitors to secure lucrative offshore deepwater prospecting blocks.

Saudi aramco: Saudi Aramco is Saudi Arabia's national oil company. Operating in both upstream and downstream segments, the company has extensive operations in production, exploration, petrochemicals, refining, marketing and international shipping.

Not only is Saudi Aramco the most profitable oil company in the world, but it is also the most profitable company in the world by a large margin. In 2018, the company generated $111.1 billion in net income - far exceeding the second most profitable company in 2018, Apple ($59 billion).

Aramco’s history goes back to 1933 when an oil concession agreement was signed between Saudi Arabia and the Standard Oil Company. Over the years the Saudi government gained increasing shareholding stakes until 1988 when it took full control of the company and rebranded from Aramco (Arabian American Oil Company) to Saudi Aramco (Saudi Arabian Oil Company). From its first export of crude oil in 1939, Saudi Aramco says it now produces one out of every eight barrels of oil in the world, or about 12% of global production.


China national petroleum: Established in 1988 and the predecessor of the Ministry of Petroleum Industry of the People's Republic of China, the China National Petroleum Corporation is a state-owned oil and gas company with governmental administrative functions.

With the liberalization of trade in China and the resulting economic boom, CNPC first started to export oil and engage in the development of overseas oil fields in 1993. It has come a very long way since then, with much of its operations organised under its subsidiary, PetroChina, and it is now the worlds 4th largest publically listed company and currently accounts for around two-thirds of China's oil and gas output.



Royal dutch shell: The supermajor more commonly known as Shell was founded in 1907 following the merger of the Royal Dutch Petroleum Company and the "Shell" Transport and Trading Company Ltd of the United Kingdom.

Thanks to its distinctive logo and subsidiary Shell Oil Company’s many service stations, Shell is one of the most well-known oil and gas companies in the world. The Shell name and logo is tied to the "Shell" Transport and Trading Company - it’s founder’s father had originally created a business selling seashells to collectors.

An Anglo-Dutch company, Royal Dutch Shell's revenue is equivalent to 84% of the Netherlands's GDP at the time. In 2012 Shell took the top spot as the biggest company on the FTSE, with a 140.9 billion market capitalisation. In 2017 the company took the number seven spot in Fortune 500’s Global 500 – their annual ranking of the world’s largest corporations.

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