How much oil does the United States really own?

It's no secret that the United States produces more crude oil on a daily basis than any other country at 12.6 million bd per day, according to the latest weekly EIA data. But this is domestic. When you look at crude production from US protagonists operating overseas, how much of the world's crude oil really controls these US giants?

Who produces the oil?

It may not be possible to get a final sum, but a look at the reported production of US oil meters against some of the rest of the world's largest oil companies shows that two of the world's 10 largest crude oil producing companies are US-based.

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The top 10 oil producers contribute a total of 34.73 million hpd to the world's oil supply, and the two largest US oil prices, ExxonMobil and Chevron, account for 4.13 million hpd of this, or 11 percent.

Compared to total global oil production, estimated at 94.7 million bpd, America's top 2 oil producers make up 4.4 percent, based on production . It may not seem like a big number by itself, but only Aramco – which is responsible for 100 percent of Saudi Arabia's production – produces more oil than Exxon and Chevron combined.

But the United States has many other heavy issues when it comes to oil production, and almost all of the oil produced in the United States (12.6 million bpd) is produced by US oil companies.

Related: IEA: An Oil Glut Is Looming

from Exxon and Chevron includes other major US oil companies ConocoPhillips, Occidental, EOG Resources, Anadarko, Marathon, Vaalco and Devon Energy. And these players operate ashore across the globe.

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And the list above is by no means all inclusive, with US oil majors also operating in Trinidad, the United Kingdom and China.

In total, US oil companies produce more than 15 percent of the world's oil.

Who owns the oil?

Another way to look at who controls the oil is to look at the proven reserves of the US major years, which account for not only their oil reserves held in the United States, but across the globe.

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This list is also not comprehensive, but it is some of the biggest names in the US oil industry. Combined, these players have about NOK 44 billion. Of course, there are many more smaller US companies that have more proven barrels.

So how does it stack up?

Well, Aramco's proven reserves, if the latest audit is valid, link the proven reserves to 260 billion barrels of oil equivalent. Rosneft has 44 billion barrels of oil, and PDVSA holds even more, owning a huge portion of Venezuela's $ 300 billion.

Even with Exxon's enormous size, US production and proven reserves are a small part of the world's oil, which is 1.73 trillion barrels of oil. This is less than 3 per cent of the world's total proven oil resources. Related: Oil production crippled as Venezuela's electricity crisis Worsens

But that does not mean US oil companies are not holding sway.

Controlling Middle East

American oil companies' presence in the Middle East goes back decades. In 1943, America and Britain were jockeying for pieces of Middle Eastern oil pie. At that time, the British controlled more than 2/3 of oil production in the Middle East, and only 14 percent fell under US control.

Source: Multinational oil companies and US foreign policy – REPORT together with individual views, to the Committee on Foreign Relations, United States Senate , by the Subcommittee on Multinational Companies.

But since then, direct influence of the American oil company in the Middle East has diminished, although they have maintained a presence in the Middle East. Today, there are still US oil companies living and kicking over the ocean, including Iraq, Kuwait, Oman and Qatar of such as Exxon, Chevron, Occidental and more.

However, arguments can be made that US protagonists operating in the Middle East have little influence on oil produced in the Middle East, and some countries have moved US majors to backburner when they nationalized their lucrative oil industries.

America's oil majors have had a difficult time in other regions of the world as well, leaving many to question how much influence these oil years really have should push for pushing.

One only has to look as far as Venezuela, Libya and Nigeria to see how Western oil companies have sometimes gone overseas. But the price of oil often has such a great appeal that even great risks are sometimes too good to give up.

In Venezuela, for example, former Socialist leader Hugo Chavez nationalized almost all of his oil, seized assets and kicked out foreign oil companies, at great expense to these oil companies, proving that not even Venezuela had the world's largest oil reserves. , was worth it.

Other countries such as Libya and Nigeria have been surrounded by so much internal strife and corruption that some US oil companies have pulled out.

What's next

Without any circumstance, some American protagonists are keen on exploring other countries, and the most interesting place today for this exploration seems to be Guyana and neighboring Suriname. And there has already been concern that Exxon in particular got an insanely good deal in Guyana, and some called Exxon's deal explosive.

And like the Middle East when petroleum was discovered, Guyana and Suriname have zero experience with petroleum, and oil policy has not yet been established – the main reason for US protagonists.

If history suggests that this will go, the oil chiefs may be bold enough to dip their toe in the literal waters one day find themselves kicked to the curb after developing the oil and gas resources, but we will bet good money You have planned such an emergency.

With American protagonists controlling as much as 15 percent of the total oil produced globally, American manufacturers have a powerful position in the world. And with the United States accounting for 98 percent of the world's total production growth in 2018 and the trend likely to continue, its influence will only stiffen in the coming years.

By Julianne Geiger for

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