Energy (oil and gas)

Editorial summary. Qualitative drivers are general industry context written by Invest Global, last reviewed 2026-10-08. They are not forecasts. Figures elsewhere on this page are sourced and dated.

• Commodity price cycles and fiscal dependence on resource revenue
• Fiscal term changes, windfall taxes and contract renegotiation
• Sanctions, conflict and export route disruption
• Stranded asset and transition risk over long horizons
• Arrears on state-owned counterparties and payment delays

Investing in frontier and emerging markets carries significant risk, including total loss. This list is illustrative and not exhaustive.

1. Exploration and appraisal
2. Development and production
3. Midstream: pipelines, storage, LNG
4. Refining and petrochemicals
5. Marketing and distribution

Ranked by exposure score, a weighted percentile of sourced indicators. Select Sources on any row to see each input, its period, source and as-of date.

Top countries by Energy (oil and gas) exposure score

#	Country	Score	Band	Why
01	Iran	92	High	Oil rents are 18.3% of GDP; fuels are 68.0% of merchandise exports (2021, 2023). Sources
02	Libya	91	High	Oil rents are 56.4% of GDP; fuels are 94.4% of merchandise exports (2019, 2021). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.74
03	Kazakhstan	90	High	Oil rents are 14.8% of GDP; fuels are 54.5% of merchandise exports (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.04
04	Russia	90	High	Oil rents are 9.7% of GDP; fuels are 43.1% of merchandise exports (2021). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.05
05	Algeria	89	High	Fuels are 93.1% of merchandise exports; oil rents are 14.5% of GDP (2021, 2024). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.35
06	Angola	89	High	Oil rents are 28.3% of GDP; fuels are 91.5% of merchandise exports (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.08
07	Azerbaijan	89	High	Fuels are 85.9% of merchandise exports; oil rents are 21.0% of GDP (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.05
08	Iraq	89	High	Fuels are 99.0% of merchandise exports; oil rents are 42.8% of GDP (2021, 2024). Sources
09	Kuwait	89	High	Fuels are 93.0% of merchandise exports; oil rents are 27.6% of GDP (2020, 2025). Sources
10	Oman	88	High	Oil rents are 23.5% of GDP; fuels are 72.4% of merchandise exports (2021, 2025). Sources
11	Qatar	88	High	Fuels are 83.8% of merchandise exports; oil rents are 15.3% of GDP (2021, 2024). Sources
12	Brunei	87	High	Fuels are 75.0% of merchandise exports; oil rents are 10.4% of GDP (2021, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.19

Exposure scores describe how large and relevant a sector is in a country's economy and opportunity set relative to other countries. They are not a measure of attractiveness, expected return or risk. Educational content only, not investment advice.

Exposure scores show relative weight. This ranking shows absolute size on one sourced measure: oil, gas and coal rents. Sum of World Bank oil, natural gas and coal rents (percent of GDP) times GDP of the same year.

Largest countries by Oil, gas and coal rents

#	Country	Oil, gas and coal rents	Period
01	Russia	$295 billion	2021
02	United States of America	$271 billion	2021
03	Saudi Arabia	$250 billion	2021
04	China	$205 billion	2021
05	Iran	$110 billion	2021
06	Iraq	$91.1 billion	2021
07	Canada	$74.8 billion	2021
08	United Arab Emirates	$74.5 billion	2021
09	India	$53.3 billion	2021
10	Norway	$52.2 billion	2021
11	Qatar	$49.0 billion	2021
12	Nigeria	$45.1 billion	2021

Derived from the cited sources as described above. A larger economy ranks higher on absolute measures even when the sector is a smaller share of its output.

Largest listed companies tagged to this sector in the Invest Global capital markets dataset, ranked by market capitalisation in US dollars. Coverage is the markets in that dataset, so it is not a global census.

Largest listed companies in Energy (oil and gas)

#	Company	Country	Market cap	Basis
01	Saudi Aramco 2222	Saudi Arabia	$1.66 trillion	Invest Global sector tag
02	Shell SHEL	United Kingdom	$273 billion	Invest Global sector tag
03	TotalEnergies TTE	France	$201 billion	Invest Global sector tag
04	Reliance Industries RELIANCE	India	$173 billion	Invest Global sector tag
05	Petrobras PETR4	Brazil	$131 billion	Invest Global sector tag
06	Enbridge ENB	Canada	$104 billion	Invest Global sector tag
07	Equinor EQNR	Norway	$100 billion	Invest Global sector tag
08	ENI ENI	Italy	$78.5 billion	Invest Global sector tag
09	ADNOC Gas ADNOCGAS	United Arab Emirates	$69.6 billion	Invest Global sector tag
10	Joint Stock Company "National Company "KazMunayGas" KMGZ	Kazakhstan	$49.1 billion	Industry: Petroleum Refining
11	Rosneft ROSN	Russia	$45.4 billion	Invest Global sector tag
12	ORLEN PKN	Poland	$45.0 billion	Invest Global sector tag
13	Lukoil LKOH	Russia	$44.0 billion	Invest Global sector tag
14	Novatek NVTK	Russia	$37.8 billion	Invest Global sector tag
15	PTT PCL PTT-R	Thailand	$36.5 billion	Invest Global sector tag

Not recommendations. A list of the largest companies is not a list of suggested investments. Sector tags marked Invest Global are an editorial classification of each company's main business. Market capitalisation is a snapshot, not a live quote.

Regulatory summaries are general and change often. Confirm current rules with local counsel. Not legal advice.

• Listed producers and services firms on home exchanges
• Diversified global energy equities held through broad funds
• Direct participation in licence rounds, usually by experienced operators
• Sovereign and quasi-sovereign debt of producer states

• XLE
  State Street Energy Select Sector SPDR ETF
  SELECT SECTOR SPDR TRUST
• VDE
  Vanguard Energy Index Fund
  VANGUARD WORLD FUND
• XOP
  State Street SPDR S&P Oil & Gas Exploration & Production ETF
  SPDR SERIES TRUST
• URA
  Global X Uranium ETF
  Global X Funds

Examples, not recommendations. Each fund is confirmed in the SEC series and class file. These are US-listed funds whose holdings are mostly developed-market issuers; check each prospectus for current holdings, fees and domicile. No prices, yields or fees are shown because none are verified here.

Charts show historical data from the cited sources. Past levels do not indicate future results. Commodity series are World Bank nominal US dollar monthly benchmarks.

Each score is a weighted average of percentile ranks. For every indicator, a country's latest observation (not older than 2014) is ranked against all other countries with data (mid-rank percentile, 0 to 1). Where a lower raw value signals more headroom (for example electricity access), the rank is inverted. The weighted average of the available percentiles is scaled to 0 to 100. A cell is published only if indicators holding at least 60 percent of the weight are available; otherwise the country is omitted for that sector.

The score describes how large and relevant a sector is in a country's economy and opportunity set, relative to other countries. It is not a measure of attractiveness, return or risk, and it is not investment advice.

• World Bank, World Development Indicators CC BY 4.0
• U.S. SEC, Investment Company Series and Class Information U.S. Government work, public domain
• companiesmarketcap.com (via the Invest Global capital markets dataset) Third-party data carried over from the existing Invest Global capital markets dataset; reuse licence to be confirmed
• stockanalysis.com exchange listings, converted to USD at floatrates.com rates (via the Invest Global capital markets dataset) Third-party data carried over from the existing Invest Global capital markets dataset; reuse licence to be confirmed
• OECD FDI Regulatory Restrictiveness Index CC BY 4.0 (OECD content published from 1 July 2024)
• World Bank, Commodity Price Data (The Pink Sheet) CC BY 4.0

Data version 2026-10-09. Every datapoint carries its source and as-of date; hover or tap a dotted value to see them.