Oil industries are an important source of income for countries with oil fields. These industries export oil to different countries of the world. Since most world economies are dependent on carbon energy forms, petroleum and petroleum products bring good prices that earn countries’ income and employ citizens and immigrants. The world’s largest oil company is Saudi Aramco-based Saudi Aramco. In 2017, US $ 465.49 billion reported revenue.

Unfortunately, in their exploration and daily work, these oil companies have a negative impact on the environment, especially due to the release of gases responsible for global warming and consequently climate change. It is critical for the oil industries and, as today, the protection and operation of industrial civilization is extremely important. The world consumes 30 billion barrels of oil a year, although developed countries lead. In 2007, only the US consumed 25% of the oil produced that year.

The Five Biggest Oil Companies In The World

Saudi Aramco

Saudi Aramco is the world’s largest oil company. Its headquarters are in Dhahran, Saudi Arabia. The company is state-owned. It was founded in 1933 as the California-Arab Standard Petroleum Company and was renamed as Saudi Aramco in 1988. It has the largest oil reserve in the world and generates approximately $ 465 billion in revenue annually. The company also produces other products such as oil, natural gas and petrochemicals. The company has a worldwide presence for search and distribution.

Sinopec

Sinopec is a state-owned Chinese oil company in Beijing. It is the world’s second largest oil company, with an annual revenue of $ 455.499 billion. Sinopec also offers oil and gas exploration, petrochemical production and sales and distribution services. The company expands its assets by purchasing other oil company shares and installing drills in undiscovered African regions. The company has been criticized for using harmful methods in the discovery of oil in the Gabon Loango National Park. The activities of this company in protected areas threaten the welfare of the wildlife that lives there. Sinopec is also responsible for the great pollution of water bodies.

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China National Petroleum Corporation

The company is a government agency whose headquarters are located in Beijing in 1988. The company ranks third in our list of the world’s largest oil companies, with revenue of $ 428.62 billion. It is a large employer of more than a million people. The company is involved in the production of refined, natural gas and petrochemicals, exploration of oil fields and marketing of its products. The company has branches and investments in other countries in both Asia and Africa, and shares in other oil companies around the world. The company was held responsible for the pollution of water and air by drilling, exploration and destruction of the environment during the exploration process.

ExxonMobil

ExxonMobil is an American oil company based in Texas. It ranks fourth among the largest oil companies in the world with the revenue generated. The company was founded in 1999 with the merger of Exxon (former New Jersey Standard Petroleum Company) and Mobil (former New York Standard Petroleum Company), generating $ 268.9 billion in revenue. ExxonMobil deals with crude oil, natural gas, petrochemicals and other petroleum products. The company has been criticized for its slow response to environmental pollution, including the removal of oil spills.

Environmental Effects Of Oil

Some of the oil companies are responsible for environmental pollution from by-products and oil spills. The oil industry is the largest source of Volatile Organic Compounds (VOC), chemicals responsible for smoke and ground-level ozone. Burning fossil fuels emit other pollutants such as greenhouse gases and heavy metals.