Which company operates the world's largest proven crude-oil reserves?

Saudi Aramco operates the world's largest proven crude-oil reserves.

Saudi Aramco, formally Saudi Arabian Oil Company, is Saudi Arabia’s state-controlled petroleum company. Its reserves are concentrated mainly in the country’s giant onshore and offshore fields, including the Ghawar oil field, commonly described as the world’s largest conventional oil field.

The company traces its origins to a 1933 concession granted to Standard Oil of California. Saudi Arabia gradually took ownership, and the company became fully state-owned in 1980. It was later listed on the Saudi Stock Exchange in 2019.

Saudi Aramco is often mentioned among the world’s most valuable companies by market capitalization. It is not the same business as Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which owns stakes in many companies.