Saudi Arabian Oil Co, commonly referred to as Saudi Aramco, is the leading energy company by profits worldwide. In the 2020/21 fiscal year, the state-owned hydrocarbon producer generated over 49 billion U.S. dollars in profits. This was significantly more than the profits made by the second-ranking Russian Surgurtneftegas. Most companies with large profits in 2020 were state-owned enterprises as they were partially supported by their government during the coronavirus pandemic and resulting oil crisis.
Saudi Arabian oil industry
Saudi Arabia is among the worldwide export leaders in the oil industry. In 2020, the Saudi Arabia’s oil sector GDP reached 608 billion Saudi riyals. Saudi Arabian Oil Company is headquartered in the city of Dhahran, with operations including exploration, production, refining, chemicals, distribution, and marketing of hydrocarbons. The company is not only the leading energy company by profits, but also the world’s biggest oil producer, with a daily oil production of 11 million barrels in 2020.
Natural gas industry
While Saudi Arabia is the greater oil producer globally, Russia is one of the largest natural gas producers, accounting for nearly 17 percent of the total global natural gas production in 2020. Gazprom is not among the leading global companies by profits in the fiscal year 2020/21. However, the majorly state-owned company held roughly 66 percent of Russia's gas production in 2020. At that same year, Gazprom recorded net sales of 6.3 billion U.S. dollars.
