While the global economy relies on many commodities, none come close to the massive scale of the oil market. Besides being the primary energy source for transportation, oil is a key raw material for numerous other industries like plastics, fertilizers, cosmetics, and medicine. As a result, the global physical oil market is astronomical in size and has a significant economic and geopolitical influence, with a few countries dominating global oil production. The above infographic puts crude oil’s market size into perspective by comparing it to the 10 largest metal markets combined. To calculate market sizes, we used the latest price multiplied by global production in 2022, based on data from TradingEconomics and the United States Geological Survey (USGS).

The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced $8 million in federal funding for 14 projects to advance technologies that capture carbon dioxide (CO2) from industrial facilities and power plants and convert those CO2 emissions into valuable products.