Petro China Passes Up Exxon for Oil Production

A significant shift occurred as Petro China surpassed Exxon Mobil as the #1 publicly traded oil producer. State owned, Saudi Armco is still the number one overall oil producer, Rigzone reports. Petro China is still third for total production of oil and natural gas behind Exxon and BP.

The Chinese government owns 86 percent of its stock and the nation uses nearly all the oil it produces. Its appetite for petroleum is projected to double between 2010 and 2035.

(Dailyresourcehunter, Edited by Topco)