US oil giant loses ground to Chinese company

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Albuquerque News.Net
Sunday 1st April, 2012

The world's biggest listed producer of oil is no longer US giant Exxon Mobil.

Exxon has lost its crown to PetroChina which produced just over 886 million barrels of oil last year.

That's the equivalent of 2.43 million barrels a day.

In January, Exxon said it produced 2.3 million barrels a day, a fall of 5%.

But Exxon still has greater capital.

It is worth $400 billion against PetroChina's $280 billion.

PetroChina has said it expects production to increase even more during 2012.

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