• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 23 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

How Much Oil Does The U.S. Really Own?

How Much Oil

It’s no secret that the United States produces more crude oil on a daily basis than any other country at 12.6 million bpd, according to the most recent weekly EIA data. But this is domestically. When you look at crude production from US majors operating overseas, just how much of the world’s crude oil do these US giants really control?

Who Produces the Oil?

It may be impossible to get a definitive total, but a look at the reported production from US oil majors against some of the rest of the world’s largest oil companies shows that two of the world’s 10 largest crude oil producing companies are US-based.

(Click to enlarge)

The top 10 oil producers together contribute 34.73 million bpd to the world’s oil supplies, and the two largest US oil majors, ExxonMobil and Chevron, account for 4.13 million bpd of that, or 11 percent.

Compared to total global oil production, which was estimated at 94.7 million bpd, the United States’ top 2 oil producers account for 4.4 percent, based on production. That may not seem like a large figure by itself, but only Aramco—which is responsible for 100 percent of Saudi Arabia’s production, produces more oil than Exxon and Chevron combined.

But the United States has many other heavy hitters when it comes to oil production, and almost all of the oil produced in the United States (12.6 million bpd), is produced by US oil companies.

Related: IEA: An Oil Glut Is Looming

Aside from Exxon and Chevron, other major US oil companies include ConocoPhillips, Occidental, EOG Resources, Anadarko, Marathon, Vaalco, and Devon Energy. And these players operate in countries throughout the globe.

(Click to enlarge)

And the list above is by no means all inclusive, with US oil majors also operating in Trinidad, the United Kingdom, and China. 

In total, US oil companies produce more than 15 percent of the world’s oil.

Who Owns the Oil?

Another way to look at who controls the oil is to look at the proved reserves of the US majors, which accounts for not just their oil reserves held in the United States, but around the globe.

(Click to enlarge)

That list is not all-inclusive either, but it is some of the biggest names in the US oil industry. Combined, these players hold roughly 44 billion boe. Of course, there are many more smaller US companies that hold additional proven barrels.

So how does that stack up?

Well, Aramco’s proved reserves, if the last audit is valid, pegs their proved reserves at 260 billion barrels of oil equivalent.  Rosneft holds 44 billion boe, and PDVSA holds even more, owning a huge chunk of Venezuela’s 300 billion boe.  

Even with Exxon’s massive size, US production and proved reserves is a small portion of the world’s oil, which stands at 1.73 trillion barrels of oil. This is less than 3 percent of the world’s total proven oil resources. Related: Oil Production Paralyzed As Venezuela's Electricity Crisis Worsens

But that doesn’t mean that US oil companies don’t hold sway.

Controlling the Middle East

American oil companies’ presence in the Middle East goes back decades. In 1943, America and Britain were jockeying for pieces of the Middle Eastern oil pie. At that time, the British controlled more than 2/3rds of oil production in the Middle East, and only 14 percent fell under American control.

Source: Multinational Oil Corporations and U.S. Foreign Policy - REPORT together with individual views, to the Committee on Foreign Relations, United States Senate, by the Subcommittee on Multinational Corporations.

But since then, direct American oil company influence in the Middle East has waned, although they have maintained a presence in the Middle East. Today, US oil companies are still alive and kicking across the ocean, including in Iraq, Kuwait, Oman, and Qatar by the likes of Exxon, Chevron, Occidental and more.

Arguments can be made, however, that any US majors operating in the Middle East have little influence over oil produced in the Middle East, and some countries have shoved US majors to the backburner as they nationalized their lucrative oil industries.


America’s oil majors have had a difficult time in other regions of the world as well, leaving many to question how much influence these oil majors really have, should push come to shove.

One need only to look as far as Venezuela, Libya, and Nigeria to see how Western oil companies have sometimes fared overseas. But the oil prize often has so much appeal that even great risks are sometimes just too good to pass up. 

In Venezuela, for instance, former Socialist leader Hugo Chavez nationalized almost all of its oil, seizing assets and kicking foreign oil companies out, at great expense to those oil firms, proving that not even Venezuela, holding the world’s largest oil reserves, was worth it.

Other countries such as Libya and Nigeria have been embroiled in so much internal strife and corruption that some US oil companies have pulled out.

What’s Next

Undeterred, some US majors are keen to go exploring in other countries, and the most interesting spot today for this exploration seems to be Guyana and its neighbor, Suriname. And already concerns have been voiced that Exxon in particular got a crazy good deal in Guyana, with some calling Exxon’s deal exploitative.

And like the Middle East when petroleum was first discovered, Guyana and Suriname have zero experience with petroleum, and their policies for oil have not yet been established—prime ground for US majors. 

If history is any indication of this will go, the oil majors bold enough to dip their toe into those literal waters could one day find themselves kicked to the curb after developing the oil and gas resources, but we’d bet good money they have planned for such a contingency.

With US majors controlling as much as 15 percent of the total oil produced globally, US producers have a powerful position in the world. And with the United States accounting for 98 percent of the world’s total production growth in 2018, and the trend likely to continue, its influence will only solidify in the coming years. 

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on November 03 2019 said:
    Your article is full of hype, inaccuracies and plain mistakes. I will summarize them quickly.

    You shouldn’t believe the hype from the US Energy Administration Information (EIA) about the United States being the world’s largest crude oil producer. This is a plain lie. US oil production in 2018 was 10.961 million barrels a day (mbd) according to the authoritative 2019 OPEC Annual Statistical Bulletin. In 2019 US shale oil production added on average 140,000 barrels a day (b/d) over 2018 according to the International Energy Agency (IEA). This means that US oil production in 2019 is estimated at 11.1 mbd and not 12.6 mbd as the EIA claims. This compares with 11.34 mbd for Russia and 9.75 mbd for Saudi Arabia. So Russia and not the United States is the world’s largest crude oil producer.

    Moreover, there is a difference of some 600,000 b/d to 1.0 mbd between EIA’a weekly and monthly reports about US production. So it is possible that even the figure of 11.1 mbd could be overstates by some 600,000 b/d to 1.0 mbd meaning that real US production could be lower ranging from 10.1 mbd to 10.5 mbd.

    American oil companies don’t own oil reserves in the Middle East or Venezuela or other parts of the world. They operate overseas mostly on the basis of production-sharing or service contracts.

    Moreover, proven oil reserves owned by the United States amount to 47.12 billion barrels (bb) or 2.7% of global proven reserves.

    US oil production represents 11.7% of Global oil production and not 15%.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
    oin Our Community

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News