Oil and Gas is one the main sectors on Middle East. Thanks to the revenues of the exports some of the Middle East Countries starts to invest in another sectors with the objective to do not be dependents of the Oil. The principal questions that did themselves is What we will do after sell the last barrel of oil? But for now they still extracting thousands and thousands of barrels and still there is opportunities in the sector to improve the technologies.
In this post we want to present the most important actors of the market, their are the ones that controls the black gold in Middle East.
1. SAUDI ARAMCO
Saudi Aramco is not only the biggest oil producing company in the Middle East, it is the largest in the world. As of June 2022 Saudi Aramco has a market cap of $2.257 Trillion. This makes Saudi Aramco the world’s most valuable company by market cap.
Founded in 1933, although it did not take on the present name until 1988, its headquarters are based in Dhahran, Saudi Arabia. Saudi Aramco reported revenue of US$ 311 billion in 2012 and is owned by the Saudi Arabian Government. Khalid A. Al-Falih is the CEO. They produce some 12.7 million barrels of oil per day. In January 2014, Saudi Arabia exported over 240 million barrels of oil.
2. NATIONAL IRANIAN OIL COMPANY (NIOC)
The National Iranian Oil Company was founded in 1948. It is owned by the Government of Iran and located in Tehran, Iran. The company has some 23 subsidiaries. Revenue was believed to be US$ 110 billion in 2012. The CEO of the company is Roknoldin Javadi. NIOC produces somewhere in the region of 6 million barrels of oil per day, even though this may vary due to sanctions placed upon the country.
3. QATAR PETROLEUM
Qatar Petroleum holds the distinction of being the third largest producer and exporter of oil in the Middle East. Founded in 1974 and owned by the Government of Qatar, Qatar Petroleum now produces 5.3 million barrels of oil per day. Company headquarters sits in Doha, Qatar and Minister of Energy and Production is Mohammed Bin Saleh Al-Sada. The company posted US$ 51.6 billion worth of revenue in 2011.
4. ABU DHABI NATIONAL OIL COMPANY (ADNOC)
The Abu Dhabi National Oil Company is owned by the Government of the United Arab Emirates (UAE). The company was founded in 1971 in Abu Dhabi, UAE. The Chairman of the Supreme Petroleum Council is Sheikh Khalifa bin Zayed Al Nahyan. ADNOC produces 2.4 million barrels of oil per day. Revenue was reported at 75 billion in 2011.
#4 Kuwait Oil Company (KOC)
The Kuwait Oil Company was founded in 1934. It possibly produces in the region of 3.4 million barrels of oil per day, making it the fourth largest exporter of oil on the planet. The company is headquartered in Ahmadi, Kuwait and is a subsidiary of the Kuwait Petroleum Corporation, owned by the Government of Kuwait.
5. IRAQ NATIONAL OIL COMPANY (INOC)
The Iraq National Oil Company is owned by the Government of Iraq. Oil production is at 2.2 million barrels per day. Founded in 1966 the INOC reported revenues of US$ 51.4 billion in 2021. Once again changes in Iraq over the last decade have affected production. For now the world energy situation is providing to Iraq produce more barrels under a high demand and high prices.
