(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 .
Formed from the merger of Standard Oil of New Jersey and Mobil. companies that buy crude oil
While thousands of smaller entities exist, the market is dominated by major multinational and state-owned corporations: companies that buy crude oil