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: