IOCs today only control 6% of oil and 20% of gas reserves and 24% of oil and 35% of gas production, while the rest is in the hands of NOCs (National Oil Companies).

In the 1970s, international oil companies controlled nearly 75% of global oil reserves and 80% of oil production. As late as the 1970s, Western corporations controlled well over 50% of the world’s oil production. By 2008, the major 7 supermajor companies ExxonMobil, BP, Royal Dutch Shell, Chevron, Total, Conoco-Phillips and Eni produce just 13% whilst the 10 largest holders of petroleum reserves are state-owned companies such as Russia’s Gazprom or Iran’s national oil company. The international companies control less than 10% of global reserves. This has serious consequences since the international companies are far more competent at investing in, discovering and extracting petroleum than the national companies are since the former have more advanced exploration techniques and financial resources