The global oil market is complex. Governments as well as private companies play roles in moving oil from producers to consumers. In fact government-owned national oil companies (NOCs) control most of the proven oil reserves and current production around the world. International oil companies (IOCs), often well-known stockholder corporations such as Exxon-Mobil, own the balance of the reserves and produce the remainder of the oil.
Proved reserves are the amount of oil in a given area that — based on reasonable certainty — can be recovered cost-effectively using today’s technology. Worldwide proved oil reserves are about 1.5 trillion barrels and production averages roughly 89 million barrels a day.