What is the ruling on zakat for the yield of the earth from minerals and oil?

Minerals extracted from the earth, such as oil, are not subject to Zakat if they are public property of the state, because they are spent on the general welfare of Muslims. However, if they are private property of an individual or a company, the preponderant opinion is that Zakat is obligatory on them, based on the Almighty's saying: ﴿O YOU WHO HAVE BELIEVED, SPEND FROM THE GOOD THINGS WHICH YOU HAVE EARNED AND FROM THAT WHICH WE HAVE PRODUCED FOR YOU FROM THE EARTH﴾. Therefore, one-fourth of one-tenth (2.5%) is due on them.