The three largest oil companies based on annual revenues in 2015 are China’s Sinopec with $433.3 billion, Royal Dutch Shell of United Kingdom with $385.6 billion and Exxon Mobil with $364.8 billion. Others are BP UK with $334.6 billion and Petrol China with $329.7 billion, according to Statista.
The largest oil companies in terms of revenue are not necessarily the largest producers, as stated by Statista. Saudi Arabia Aramco leads in terms of the barrels of oil produced per day at 12.5 million; its biggest field, Ghawar, produces 5 million barrels/day. Rosneft of Russia produces 4.7 million barrels/day, while National Iranian Oil Company produces 6 million barrels/day.
Oil prices stood at $43 per barrel as of March 2015, a drop of 70 percent from June 2014. The supply of oil has outstripped demand, leading to the decline in prices, according to Forbes. The world total production of oil stood at 93 million barrels per day, and oil accounted for 33 percent of global energy needs at March 2015.
The top oil producing countries are the United States followed by Saudi Arabia, Russia, China and Canada, according to CNN Money. The United States became the largest oil producer due largely to its shale gas fields production, states Forbes.com. However, large industry players have kept off this investment, as they are not seen as profitable at the prevailing market prices.