Who Are the Major Players Supplying the World Oil Market?

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.