QR
QR Energy
Oil & Gas
The Anatomy of the Oil Industry
What Is a Barrel, Really?
Inside the Refinery
Upstream, Midstream, Downstream
Shale
The Shale Revolution, Explained
How Fracking Works
The Permian & the Major Basins
Breakevens & Rig Counts
The Majors
What the Majors Actually Do
IOCs vs. NOCs
The Integrated Model
Capital & the Energy Mix
Energy Markets
Why the Oil Price Moves
Reading the Oil Price
Brent vs. WTI
OPEC & OPEC+, Explained
Futures & Hedging
Spare Capacity & the Swing Producer
Resources & Infrastructure
The Plumbing of Energy
Pipelines & Tankers
Refineries, Storage & Reserves
LNG & Export Terminals
Geopolitics of Oil
Oil & the Balance of Power
Chokepoints: The Straits That Move Oil
Sanctions, Embargoes & Stranded Barrels
Resource Nationalism & Who Owns the Oil
Browse
By the numbers
ILLUSTRATIVE · NOT LIVE
BRENT
82.40
▲0.9%
WTI
78.10
▲0.7%
NAT GAS
2.86
▼1.2%
DIESEL
2.71
▲0.3%
GASOLINE
2.44
▼0.4%
THE MAJORS
The Majors
The integrated giants — what they do, and how capital gets allocated.
Every explainer in The Majors
4 PIECES
01
What the Majors Actually Do
Integrated giants find, move, refine and sell — and decide where the capital goes next.
3 MIN
02
IOCs vs. NOCs
International oil companies versus state-owned national ones — who controls the reserves, and what that means.
4 MIN
03
The Integrated Model
Why the biggest firms own the whole chain from well to pump — the logic of integration.
4 MIN
04
Capital & the Energy Mix
How the majors decide what to build next, and where oil sits in a shifting energy mix.
3 MIN