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Oil is the world's most significant and important trade good and is expensive as well. Oil is traded in a world market with respect to global prices. There are many big competitors or rivalries present in the marker and only 10 companies control 68 percent of the world's oil reserves. Following are the 10 oil producing companies:
• Russia
• Saudi Arabia.
• United States.
• Iran.
• China.
• Mexico.
• Norway.
• Canada.
• Nigeria.
Recent research shows that Russia is presently extorting more oil as compare to Saudi Arabia. That makes Russia the leading producer of black gold in the world.
Since 2002 Russian corporations have beat the Saudis, on an on-and-off basis, as world's biggest oil producers. In June 2007 Russia pulled out 9.236 million oil barrels which is 46,000 barrels extra than Saudi Arabia.
Usually Saudi Arabia is considered to be the world's largest key supply of oil and then comes Russia. But in recent years Russia now has advanced industries and now emerging as largest producer of oil in the world.
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