Who are the major players holding and producing the world’s oil?

February 1, 2009 · Filed Under Oil & Natural Gas 

According to an “EIA in Brief“, government controlled companies, or “nationalized” companies, control most of current production (52% in 2007) and proven reserves (88% in 2007). That is, 88% of the world’s oil is controlled by nationalized companies like Saudi Aramco (Saudi Arabia), Pemex (Mexico), and PDVSA (Venezuela), which use money from their oil exports to support domestic government programs and discount prices for domestic customers. U.S. oil resources are not nationalized. U.S. oil resources are controlled by Chevron, Exxon, Shell, and other international oil companies that control about 12% oil the world’s proven oil reserves.

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