How big is the Oil Market?

A graph is worth 1,000 words. The crude oil market continues to dominate the world’s economy.

Will this clash with the world’s efforts for decarbonization?

The graph was originally posted on Elements and compares the size of the crude oil market to the combined size of the ten largest metal markets. The calculations were done by multiplying the latest prices with the global production data from 2022, using information from TradingEconomics and the United States Geological Survey (USGS).