Revenue of leading global energy companies FY 2022/23

China Petroleum & Chemical Corporation generated more revenue than any other company within the global energy sector in the financial year 2023. The Chinese oil and gas refining giant also known by its acronym Sinopec reported revenues of 442 billion U.S. dollars. Saudi Arabian Oil Co, also referred to as Saudi Aramco, ranked second, with 441 billion U.S. dollars in revenue.

Global energy sources

In 2023, oil and gas multinational corporations dominated as the leading companies in terms of energy sales. Oil, natural gas, and coal are still the leading sources of primary energy consumption worldwide. By comparison, the revenue of the largest renewable energy companies in the world was below 75 billion U.S. dollars. Their headquarters are mostly located in the United States and Europe.

Global energy demand

China not only boasted some of the world's largest energy conglomerates, but it also led the world in terms of energy consumption. However, per capita energy consumption was higher in the Middle Eastern countries of Qatar and United Arab Emirates. Global energy consumption was projected to increase by 30 percent by 2050, after growing by 80 percent between 1990 and 2022.