Selected global oil companies by liquids production 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.