The 20 Largest Oil Companies in the World, Arabs Versus the US and China
Saudi Aramco Still Number One
At the top of the list is Saudi Aramco with a market value of around USD 1.8 trillion. That figure keeps the Saudi Arabian energy giant the most valuable oil company in the world. In total, the 20 largest oil and gas companies worldwide have a combined valuation of around USD 5.1 trillion.
Why is the Valuation So High?
Put simply, market capitalisation shows how much a company is worth in the eyes of investors. And even as the push for clean energy transitions continues, the world’s demand for oil and gas remains very large. From transport, industry, aviation, to power generation, much of global economic activity still depends on fossil fuels.
Names That Remain Dominant
Below Saudi Aramco, the list of the world’s largest oil companies is still full of long-standing names. ExxonMobil sits in second place with a valuation of around USD 637 billion, followed by Chevron at USD 380 billion. From Europe there is Shell with a market value around USD 249 billion, while PetroChina is the largest Chinese energy company with a valuation around USD 273 billion.
Each comes with different strengths. Saudi Aramco is backed by Saudi Arabia’s oil reserves, Exxon and Chevron grew through the United States’ energy infrastructure, while PetroChina and CNOOC demonstrate the strong role of the state in China’s energy sector.
American Domination, Saudi Still Largest
The United States dominates the list by number of companies, with eight names in the top 20, including ExxonMobil, Chevron, and ConocoPhillips. But in terms of single-company size, Saudi Aramco remains well above everyone and controls more than a third of the total valuation of the world’s 20 largest oil companies.
On the other hand, Europe still wields influence through Shell, BP, and TotalEnergies, even though the region is actively pushing for a green energy transition.
The World Still Depends on Oil
The large valuations of oil companies show that the world remains heavily dependent on fossil energy. When energy supplies are disrupted or geopolitical tensions rise, oil prices typically rise as well, boosting the profit outlook for energy companies. One of the most important nodes is the Strait of Hormuz in the Middle East, through which around 20 million barrels of oil pass per day, or nearly 20% of the world’s oil trade.
At the same time, global energy demand continues to increase alongside the growth of AI data centres, electrification, and industrial activity worldwide.
Not Losing Influence Yet
Electric vehicles may be becoming more popular and investment in renewable energy continues to rise. Yet the list of the world’s most valuable oil companies shows that this traditional energy still has a place. As long as the world needs transport, electricity, manufacturing, and a stable global logistics chain, oil and gas are likely to remain an important part of the modern economy for some time to come.