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)
* 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.
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Statista. (May 17, 2024). Crude oil and other liquids production of largest oil companies worldwide in 2023 (in 1,000 barrels per day) [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/280705/leading-oil-companies-worldwide-based-on-daily-oil-production/
Statista. "Crude oil and other liquids production of largest oil companies worldwide in 2023 (in 1,000 barrels per day)." Chart. May 17, 2024. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/280705/leading-oil-companies-worldwide-based-on-daily-oil-production/
Statista. (2024). Crude oil and other liquids production of largest oil companies worldwide in 2023 (in 1,000 barrels per day). Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/280705/leading-oil-companies-worldwide-based-on-daily-oil-production/
Statista. "Crude Oil and Other Liquids Production of Largest Oil Companies Worldwide in 2023 (in 1,000 Barrels per Day)." Statista, Statista Inc., 17 May 2024, https://www.statista.com/statistics/280705/leading-oil-companies-worldwide-based-on-daily-oil-production/
Statista, Crude oil and other liquids production of largest oil companies worldwide in 2023 (in 1,000 barrels per day) Statista, https://www.statista.com/statistics/280705/leading-oil-companies-worldwide-based-on-daily-oil-production/ (last visited October 31, 2024)
Crude oil and other liquids production of largest oil companies worldwide in 2023 (in 1,000 barrels per day) [Graph], Statista, May 17, 2024. [Online]. Available: https://www.statista.com/statistics/280705/leading-oil-companies-worldwide-based-on-daily-oil-production/