Energy Shift
The Largest Oil and Gas Companies in the World
The Largest Oil & Gas Companies in 2021
The pandemic brought strong headwinds for the oil and gas industry, and oil majors felt the blow.
Global primary energy consumption fell by 4.5% relative to 2019 and oil demand declined by 9%. For a brief period in April 2020, the price of West Texas Intermediate (WTI) crude futures went subzero, marking the largest one-day price plunge since 1983.
Some expected the demand crash to have a lasting impact on the industry, but it’s safe to say that 2021 has proved otherwise.
Oil Resurfaces as Energy Crisis Deepens
The world is facing a shortage of energy, and peak winter is yet to hit most parts of the globe.
Pandemic-induced supply restraints from producers, in addition to rising energy demand from recovering economies, have sent nations scrambling for petroleum products. Consequently, oil prices are resurfacing to pre-pandemic levels.
As of today, prices of WTI crude futures are at their highest levels in the last five years at over $80 per barrel. Furthermore, U.S. natural gas prices hit a 7-year high of $6.5 per million British thermal units (BTU) earlier this month. Elsewhere, European benchmark natural gas futures have surged 1,300% since May 2020.
Of course, the largest oil and gas companies are riding this wave of resurgence. Using data from CompaniesMarketCap.com, the above infographic ranks the top 20 oil and gas companies by market cap as of October 7, 2021.
Big Oil: The Largest Oil and Gas Companies by Market Cap
Given that we often see their logos at gas stations, the largest oil and gas companies are generally quite well-known. Here’s how they stack up by market cap:
Rank | Company | Market Cap* (US$, billions) | Country |
---|---|---|---|
1 | Saudi Aramco | $1,979 | Saudi Arabia 🇸🇦 |
2 | ExxonMobil | $257.30 | U.S. 🇺🇸 |
3 | Chevron | $205.29 | U.S. 🇺🇸 |
4 | Shell | $175.28 | Netherlands 🇳🇱 |
5 | PetroChina | $162.55 | China 🇨🇳 |
6 | TotalEnergies | $130.56 | France 🇫🇷 |
7 | Gazprom | $121.77 | Russia 🇷🇺 |
8 | ConocoPhillips | $95.93 | U.S. 🇺🇸 |
9 | BP | $93.97 | U.K. 🇬🇧 |
10 | Rosneft | $84.07 | Russia 🇷🇺 |
11 | Equinor | $83.60 | Norway 🇳🇴 |
12 | Enbridge | $82.82 | Canada 🇨🇦 |
13 | Sinopec | $80.48 | China 🇨🇳 |
14 | Novatek | $79.18 | Russia 🇷🇺 |
15 | Duke Energy | $78.08 | U.S. 🇺🇸 |
16 | Petrobras | $69.91 | Brazil 🇧🇷 |
17 | Southern Company | $66.64 | U.S. 🇺🇸 |
18 | Lukoil | $64.70 | Russia 🇷🇺 |
19 | CNOOC | $52.04 | China 🇨🇳 |
20 | Enterprise Products | $50.37 | U.S. 🇺🇸 |
*As of October 7, 2021.
Saudi Aramco is one of the five companies in the trillion-dollar club as the world’s third-largest company by market cap. Its market cap is nearly equivalent to the combined valuation of the other 19 companies on the list. But what makes this figure even more astounding is the fact that the company went public less than two years ago in December 2019.
However, the oil giant’s valuation doesn’t come out of the blue. Aramco was the world’s most profitable company in 2019, raking in $88 billion in net income. Apple took this title in 2020, but high oil prices could propel Aramco back to the top in 2021.
Although Standard Oil was split up a century ago, its legacy lives on today in the form of Big Oil. ExxonMobil and Chevron—the second and third-largest companies on the list—are direct descendants of Standard Oil. Furthermore, Shell and BP both acquired assets from Standard Oil’s original portfolio on the road to becoming global oil giants.
The geographical distribution of the largest oil and gas companies shows how global the industry is. The top 20 oil and gas companies come from 10 different countries. The U.S. hosts six of them, while four are headquartered in Russia. The other 10 are located in one of China, Brazil, Saudi Arabia, or Europe.
Big Oil, Bigger Emissions
Due to the nature of fossil fuels, the biggest oil and gas companies are also among the biggest greenhouse gas (GHG) emitters.
In fact, Saudi Aramco is the world’s largest corporate GHG emitter and accounts for over 4% of the entire world’s emissions since 1965. Chevron, Gazprom, ExxonMobil, BP, and several other oil giants join Aramco on the list of top 20 GHG emitters between 1965 and 2017.
Shifting towards a low-carbon future will undoubtedly require the world to rely less on fossil fuels. But completely shunning the oil and gas industry isn’t possible at the moment, as shown by the global energy crisis.
Energy Shift
Charted: Coal Still Dominates Global Electricity Generation
Fossil fuels account for nearly 60% of power generation.

Charted: Coal Still Dominates Global Electricity Generation
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Fossil fuels made up nearly 60% of 2024 electricity generation.
- Coal accounts for 35% of total power generation.
Fossil Fuels Still Power Most of the World
Global energy demand grew faster than average in 2024, driven by rising electricity use across sectors. The power sector led the surge, with demand growing nearly twice as fast as overall energy use—fueled by increased cooling needs, industrial activity, transport electrification, and the expansion of data centers and AI.
Despite a growing push toward cleaner energy sources, coal remains the leading source of electricity generation worldwide. In 2024, fossil fuels accounted for nearly 60% of global power generation, with coal alone contributing 35%, according to the International Energy Agency.
While renewable energy continues to expand, making up about one-third of total electricity production, the global energy mix still leans heavily on traditional sources.
Country | Coal | Natural Gas | Oil | Renewables | Nuclear |
---|---|---|---|---|---|
🇮🇳 India | 73.4% | 3.3% | 0.2% | 20.5% | 2.6% |
🇨🇳 China | 58.4% | 3.2% | 0.1% | 33.9% | 4.4% |
🇺🇸 U.S. | 15.6% | 42.6% | 0.7% | 23.3% | 17.9% |
🇪🇺 EU | 10.7% | 15.6% | 1.5% | 48.7% | 23.6% |
🌍 Global | 34.5% | 21.8% | 2.4% | 32.1% | 9.1% |
In emerging markets and developing economies, coal continues to be the backbone of power systems. China, the world’s largest energy consumer, generated nearly 60% of its electricity from coal. In India, coal’s dominance is even more pronounced, providing close to three-quarters of all electricity produced.
In contrast, advanced economies are increasingly relying on cleaner sources. In 2024, the European Union made significant strides in renewable energy adoption—nearly half of its electricity came from renewables, far exceeding the global average.
In the United States, natural gas led the power mix, accounting for over 40% of electricity generation in 2024. President Trump’s pro-coal policies and the surge in energy demand from AI innovation are expected to boost coal production in the U.S. over the next few years.
Learn More on the Voronoi App 
If you enjoyed this topic, check out this graphic that shows how 36 companies are responsible for half of the fossil fuel and cement CO2 emissions.
Energy Shift
How the Largest Importers of Russian Fossil Fuels Have Changed (2022 vs. 2025)
Despite sanctions against Moscow, the EU remains a key consumer of Russian fossil fuels.

How the Largest Importers of Russian Fossil Fuels Have Changed (2022 vs. 2025)
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Since the war in Ukraine began on February 24, 2022, Russia has earned $915 billion from fossil fuel exports, with EU countries accounting for over $223 billion.
Despite sanctions against Moscow, the EU remains a key consumer of Russian fossil fuels.
This graphic highlights the largest importers of Russian fossil fuels, based on the daily flow of oil and gas, using data from the CREA Fossil Fuel Tracker as of March 2025.
China Becomes the Biggest Buyer
In June 2022, China overtook the EU as the largest importer of Russian fossil fuels. Today, China imports nearly six times more than the EU. India and Turkey have also emerged as major buyers.
Country | 2022-01-14 (tonnes) | 2025-03-13 (tonnes) |
---|---|---|
🇨🇳 China | 435,025 | 607,288 |
🇪🇺 EU | 928,998 | 104,646 |
🌍 Others | 244,945 | 275,747 |
🇮🇳 India | 28,907 | 344,848 |
🇹🇷 Turkey | 138,860 | 239,662 |
🇰🇷 South Korea | 93,267 | 30,255 |
🇺🇸 United States | 33,468 | 0 |
🇬🇧 UK | 49,062 | 0 |
Meanwhile, imports from the U.S. and UK, which were relatively small before the invasion, have dropped to zero.
EU Reliance on Russian Fuel
A report released by Ember estimates that European purchases of Russian gas amounted to €21.9 billion ($23.6 billion) in 2024.
Additionally, data collected by Kpler and analyzed by POLITICO Europe revealed that in the first 15 days of 2025, the 27 EU countries imported a record-high 837,300 metric tons of liquefied natural gas (LNG) from Russia. This has raised concerns that billions of dollars could be fueling Moscow’s war in Ukraine.
Russia’s Position in Global Oil Production
Russia remains one of the world’s top oil producers, frequently competing with Saudi Arabia for the second spot behind the United States.
Following the fall of the Soviet Union, Russia’s oil industry was privatized, but in 2021, the state forced a consolidation and restructuring of the sector. Today, Gazprom, Rosneft, and Lukoil are Russia’s leading oil and gas producers.
Learn More on the Voronoi App 
If you enjoyed this topic, check out this graphic that shows Ukraine’s mineral resources.
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