The importance of oil has not stopped growing since its first industrial applications in the mid-nineteenth century, and its demand is increasing rapidly. Oil accounts for a large percentage of the world’s energy consumption, ranging from 32% for Europe and Asia, and 53% for the Middle East. The world consumes 30 billion barrels of oil per year, with developed nations being the largest consumers. America alone consumed a total of 6.87 billion barrels (18.65 million barrels per day) in 2012. This represents approximately 20% of total world petroleum consumption. So who are the key producers of oil in the world?
The largest oil producing company in the world is Saudi Aramco. The company was initially founded in 1933 by Standard Oil of California (SoCal) as California-Arabian Standard Oil Co. Saudi Aramco employs more than 57,000 workers worldwide from 77 countries and has its headquarters in Dhahran in the Eastern Province of Saudi Arabia. Saudi Aramco’s national oil and gas company is viewed as the most valuable company in the world with an estimated value of $10 trillion and generates over $1billion every day in revenues. In 2012 Saudi Aramco produced 4.62 billion barrels of crude oil (12.5 million barrels per day) with oil reserves of about 260 billion barrels.
Another national oil company is Russia’s Gazprom, which is the second largest oil and gas company by production volume in the world. The company was established in 1989 with it’s headquarter in the Cheryomushki district, Moscow and employees 393,000 people . Although Gazprom is a private company, the majority of it is owned by the Russian government. Gazprom produced 3.54 billion barrels of oil in 2012 (9.7 million barrels per day) making a profit of more than $40 million.
The National Iranian Oil Company is the third largest oil producing company in the world with its headquarters being in Tehran. The company that was to become BP, AICO (Anglo-Iranian Oil Company), initially...
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