Oil is one of the world’s most important natural resources, playing a critical role in everything from transportation fuels to cosmetics.
For this reason, as Visual Capitalist’s Marcus Lu details below, many governments choose to nationalize their supply of oil. This gives them a greater degree of control over their oil reserves as well as access to additional revenue streams. In practice, nationalization often involves the creation of a national oil company to oversee the country’s energy operations.
What are the world’s largest and most influential state-owned oil companies?