The article discusses the ten largest companies that dominate the global oil and gas industry, underlining the continued centrality of oil in the world’s energy system. It emphasizes that oil remains a vital component of global economies, guiding trade flows and supporting industrial growth and transportation worldwide. While there is a significant shift towards renewable energy sources, major oil companies still play a pivotal role in global supply chains and investment portfolios by supplying millions of barrels of petroleum products daily.

It notes that the largest oil and gas firms are concentrated in economically significant countries with immense production capacity, particularly the United States, Saudi Arabia, China, the United Kingdom, and France. The International Energy Agency (IEA) projects an increase in global oil demand by about 860,000 barrels per day by 2026, with petrochemical feedstocks driving a significant part of this demand growth. According to the IEA, the share of petrochemical feedstocks in overall demand is expected to rise to over 60% compared to about 40% in 2025.

Moreover, the article hints at the resilience of traditional oil companies even in the face of accelerating renewable energy adoption and political commitments to reduce emissions, indicating a complex interplay between oil dependency and the global energy transition. The dominance of these firms suggests that while the landscape of energy production is evolving, oil and gas will likely remain integral to the energy discourse for the foreseeable future.