State-owned Saudi Arabian Oil Co. (Saudi Aramco) is the king of oil. It is the world's #1 oil producer, supplying more than 10% of the world's oil demand. In 2008 the company reported proved oil reserves of about 260 billion barrels; it also owns 263 trillion cu. ft. of natural gas reserves (the fourth largest in the world). It produces 8.5 million barrels a day, operates refineries, markets oil internationally, and distributes it domestically. Saudi Aramco owns a fleet of oil tankers and invests in refineries, marketing, and distribution ventures in other countries, including China, Japan, South Korea, and the US.