Global oil industry - statistics & facts
Crude oil is one of the most sought-after commodities in the world. Its wide array of uses ranges from transportation fuels to the manufacturing of chemicals and pharmaceuticals. Hence the oil industry is one of the most powerful branches in the world economy and changes in benchmark oil prices have great implications for many manufacturing sectors and consumers.
With oil serving such a great number of purposes, it is unsurprising that oil (and gas) companies are among the largest corporations worldwide. In 2023, Saudi Arabia’s state-owned Saudi Aramco and China’s Sinopec ranked third and fourth, respectively in a list of the largest companies in the world based on revenue. 2022 and 2023 saw many producers profit from a tightening of oil and gas supply due to sanctions on Russia.
Crude oil reservoirs and major producers
Crude oil is formed over millions of years by organic material decomposing in a low oxygen, high pressure environment. Due to the time it takes for crude oil to form, it is considered a fossil fuel, and its reserves are finite. As an increasing number of conventional reserves such as underground reservoirs were depleted, unconventional means of oil extraction have become more viable. Through their exploration of shale oil and oil sands, the United States and Canada have become major oil-producing countries. Over four billion metric tons of oil is produced worldwide every year. The Middle East houses the greatest share of proved oil reserves, at more than 50 percent.With oil serving such a great number of purposes, it is unsurprising that oil (and gas) companies are among the largest corporations worldwide. In 2023, Saudi Arabia’s state-owned Saudi Aramco and China’s Sinopec ranked third and fourth, respectively in a list of the largest companies in the world based on revenue. 2022 and 2023 saw many producers profit from a tightening of oil and gas supply due to sanctions on Russia.
