Specialized firms that buy and sell physical oil on global markets. The impact of Russian oil sanctions on energy markets
(China National Petroleum Corporation) and Sinopec (China Petroleum & Chemical Corp). Indian Oil and ONGC Videsh (India). Rosneft and Lukoil (Russia). NNPC (Nigerian National Petroleum Corporation). Independent Refiners & Trading Houses: Western Refining and Tesoro Corporation . Phillips 66 and Valero Energy . companies that buy crude oil
Formed from the merger of Standard Oil of New Jersey and Mobil. Specialized firms that buy and sell physical oil
Formerly known as Standard Oil of California (Socal). Shell and BP (formerly British Petroleum). State-Owned and Regional Corporations: Rosneft and Lukoil (Russia)
While thousands of smaller entities exist, the market is dominated by major multinational and state-owned corporations:
The companies that buy crude oil are primarily that process it into petroleum products like gasoline, diesel, and kerosene. These buyers are typically large integrated oil companies or specialized independent refining firms. Major Global Buyers