How large is the global crude oil market?

Crude oil is said to be the King of Commodities since its price can drive price trends throughout all other commodities.

Of all global commodities, the international crude oil trade is unique for its size, scope, and complexity, and its price reflects the economic forces of supply and demand, market sentiment, and geopolitics.

While the global economy relies on many commodities, oil remains the world’s most important natural resource, despite ongoing attempts to decarbonize both the economy and society.

Oil-refined products such as gasoline, kerosene, mazut, and diesel have been the primary energy source of transportation, while petrochemicals have been the key raw materials for numerous other industries like plastics, fertilizers, cosmetics, and medicine.

So, how big is the global crude oil market?

Crude oil produced in 2022 had a value of roughly $2.1 trillion at current prices, based on data from elements.visualcapitalist.com.

No other commodity had such reach, with the value of crude oil traded leaving all other commodities in its shadow.

The crude oil market is bigger than the top metal markets combined in terms of production value and dollar value.

The combined market size of the top 10 metal markets amounts to $967 billion, less than half that of the oil market.

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