Largest oil companies by production volume 2023

Saudi Aramco is by far the world's largest oil company based on daily liquids production. In its 2023 fiscal year, Saudi Arabia's state-owned oil company reported a crude oil and associated liquids output of some 11.5 million barrels per day. This was more than four times the amount extracted by its closest competitor.

State-owned enterprises by far the largest producers

The largest oil producers are state-controlled companies like Saudi Aramco and Brazil's Petrobras. Compared to the more than 11 million barrels of liquids extracted by Saudi Aramco, ExxonMobil, as the largest private-owned oil company has a daily production of some 2.5 million barrels. Meanwhile, total global oil production averages more than 90 million barrels per day.

The size of the oil and gas sector

The oil and gas industry is one of the largest industries worldwide. This sector is involved in exploration, extraction, refining, transportation, and marketing of hydrocarbon-based commodities. Many industries are extremely dependent on oil and gas products, mostly in the form of energy fuels or raw materials for chemical products. This is also why oil and gas companies are among the world’s top companies by revenue.

Crude oil and other liquids production of largest oil companies worldwide in 2023 (in 1,000 barrels per day)

Company (country)	Production in thousand barrels per day
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Release date

2024

More information

Region

Worldwide

Survey time period

2023

Special properties

* Figures for PetroChina and Sinopec calculated using annual sum. Except for Sinopec, PetroChina, and Petrobras (which only provide crude oil production figures), figures reflect all liquids production, including natural gas liquids, condensate, synthetic crude oil, and bitumen where applicable. Some figures were added manually.

Supplementary notes

Statistic compiled from the following reports:

BP: annual report (page 38).
Chevron: annual report (pdf page 23).
ConocoPhillips: annual report (page 42).
ExxonMobil: annual report (page 12).
Pemex:Oil Statistics (pdf page 14).
Petrobras:annual report (page 75).
PetroChina: annual report (page 21).
Saudi Aramco: annual report (page 44).
Shell: annual report (page 33).
Sinopec:annual report (page 11).
TotalEnergies: annual report (page 6).