[ad_1]
Many countries form large, state-owned companies to control oil assets and manage their oil sectors. By keeping these companies private, countries maintain some authority over the production, sales, and expansion of valuable oil reserves.
If made public, shareholders would own the company and could influence a country’s most valuable asset.
Key Takeaways
- Many large oil companies are owned by their governments.
- Kuwait Petroleum, the National Iranian Oil Company, and Venezuela’s PDVSA are state-owned oil companies.
- Sinopec, formerly China Petroleum and Chemical, is partially controlled by the government and trades on the Hong Kong, Shanghai, and New York Stock Exchanges.
Kuwait Petroleum
The Kuwait Petroleum Corporation is Kuwait’s national oil company. It is active in multiple stages of oil production: exploration, exploitation, refining, marketing, and transportation. The company also produces petrochemicals.
The Kuwait Petroleum Corporation was formed by integrating a few domestic oil companies and putting them under the control of the Kuwaiti government. Production was reported at over 3 million barrels per day (bpd) in January 2025. Kuwait accounts for approximately 3% of the world’s oil production.
Important
The United States produces and consumes the most oil in the world.
PDVSA
PDVSA is a Venezuelan state-owned oil firm. PDVSA reported production of 1.03 million bpd as of Feb. 2025. In 2019, the United States imposed sanctions on PDVSA designed to cripple the Maduro government and empower opposition leader Juan Guaidó by blocking Venezuelan crude exports to the United States.
As of 2025, U.S.-based Chevron will wind down all oil operations and exports from Venezuela. However, PDVSA plans to continue producing and exporting oil with Chevron once a license for the U.S. company expires.
National Iranian Oil Company (NIOC)
The National Iranian Oil Company (NIOC) was established in 1948 and is owned by the government of Iran. It is a member of OPEC. Headquartered in Tehran, Iran, NIOC was first called the Anglo Persian Oil Company (APOC) in 1908, and APOC was the first company to extract petroleum from the Middle East.
After the 1979 Islamic Revolution, a new regime took power that led to the withdrawal of foreign workers from Iran’s oil industry. Iranians took control of the company. Iran accounts for 4% of the world’s oil production.
What Privately Owned Oil Companies Have Gone Public?
Saudi Aramco was once state-owned by Saudi Arabia before its IPO in 2019. Aramco raised $25.6 billion by selling shares in its state-owned oil company. China’s Sinopec Corporation is not entirely state-owned, as shares trade publicly on multiple exchanges, including the New York Stock Exchange and the Hong Kong Stock Exchange.
What Countries Are Members of OPEC?
The Organization of the Petroleum Exporting Countries (OPEC) includes Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea, and Congo.
Which Countries Consume the Most Oil?
In 2023, the United States and China accounted for approximately 35% of the world’s oil consumption.
The Bottom Line
Oil companies that operate in Kuwait, Venezuela, and Iran are government owned. Some state-run producers have gone public in previous decades, including companies in China and Saudi Arabia.
[ad_2]
Source link