Big Oil is getting smaller

According to, the seven largest oil companies of the Western world — ExxonMobil, Shell, BP, Chevron, Total, ConocoPhillips and Eni —have seen their oil output decline by 12.4 percent between 2009 and 2013.

According to the IEA, if total world oil supply has risen from 85.66 million barrels per day in 2009 to 91.53 million in 2013, the seven leading western majors have seen their share of  total supply fall from 12.7% to 10.4% over the same period.

This is bad news for these companies as their investments to find new oil sources have been increasing as prices skyrocketed from around $20 to above $100 in recent years

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