Riyadh – Oil remains the backbone of the global economy, despite mounting pressure from renewable alternatives. The 2025 rankings of the world’s largest oil and gas companies reveal not only the industry’s continued dominance but also the shifting balance of economic power between energy giants across continents.
At the very top stands Saudi Aramco, valued at $1.55 trillion, far eclipsing every competitor. The Saudi state-owned behemoth controls vast reserves and operates Ghawar, the world’s largest oil field. Its dominance underscores Riyadh’s enduring leverage over global energy markets — a geopolitical tool as much as an economic asset.
In sharp contrast, the United States, though the world’s largest oil producer with nearly 23 million barrels per day in 2024, lags far behind in market capitalization. ExxonMobil, ranked second globally, is worth $457.9 billion, followed by Chevron at $306.25 billion. Both remain pillars of “Big Oil,” with vertically integrated operations from exploration to refining and chemicals.
China makes its mark with PetroChina at fourth place ($211.45 billion) and CNOOC in eighth ($116.86 billion). These state-backed players are vital to Beijing’s energy security strategy, ensuring supply for the Asia-Pacific region, which now accounts for over one-third of global oil consumption.
Europe’s presence is visible but limited. Shell (UK) ranks fifth with a valuation of $208.05 billion, and TotalEnergies (France) holds sixth at $136.41 billion. Both face a dual challenge: managing legacy fossil assets while navigating an accelerated energy transition policy landscape.
Rounding out the top ten are ConocoPhillips (USA), Southern Company (USA), and Enbridge (Canada). Together, the rankings highlight a concentration of energy power in North America, the Middle East, and China, with Europe striving to remain relevant.
India, meanwhile, makes only a modest appearance. Oil and Natural Gas Corporation (ONGC) ranks 45th with a market cap of $34.33 billion, the sole Indian firm in the global top 50. Other Indian players such as Indian Oil, Bharat Petroleum, GAIL, and Hindustan Petroleum appear in the top 100 but remain dwarfed by global supermajors.
The disparity signals the scale of India’s challenge: securing energy independence while competing in a market dominated by trillion-dollar giants. As the global transition toward cleaner energy unfolds, the influence of oil companies will not disappear overnight. Instead, their market muscle and geopolitical weight will shape the pace and direction of that transition — and determine who sets the terms of the next energy order.
