Metals form a critical building block of the global economy, playing a key role in infrastructure, energy technologies, and more. While the oil market towers over metal markets, it’s important to recognize that this doesn’t downplay the importance of these commodities. This also reflects the massive scale of global oil consumption annually, with the resource having a ubiquitous presence in our daily lives. In fact, even if we added all the remaining smaller raw metal markets, the oil market would still be far bigger. The combined market size of the top 10 metal markets amounts to $967 billion, less than half that of the oil market. That figure dwarfs the combined size of the 10 largest metal markets: Commodity That puts annual crude oil production at around 29.5 billion barrels, with the market size exceeding $2 trillion at current prices. In 2022, the world produced an average of 80.75 million barrels of oil per day (including condensates). Note: This analysis focuses on raw and physical materials, excluding derivative markets and alloy materials like steel. 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 above infographic puts crude oil’s market size into perspective by comparing it to the 10 largest metal markets combined. 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. While the global economy relies on many commodities, none come close to the massive scale of the crude oil market.īesides being the primary energy source for transportation, oil is a key raw material for numerous other industries like plastics, fertilizers, cosmetics, and medicine. Sign up to the free mailing list to get beautiful visualizations on real assets and resource megatrends each week. It’s a subtle difference that manifests itself in a big way numerically.Ĭorrection: Graphic updated to reflect the average value of an NBA team. $1.00 per call option, multiplied by 100 shares). a call to buy 100 shares at the price of $50 per share), while gross market value measures the price of the derivative security itself (i.e. Notional value represents the position or obligation of the contract (i.e. However, it’s worth mentioning that because of their non-tangible nature, the value of financial derivatives are measured in two very different ways. Here’s our full list, which sums up all of the world’s money and markets, from the smallest to the biggest, along with sources used: Categoryĭerivatives top the list, estimated at $1 quadrillion or more in notional value according to a variety of unofficial sources. For example, the annual revenues of Wells Fargo ($103.9 billion) would just exceed one square, while Facebook’s would squeeze in with room to spare ($70.7 billion). In fact, the entire annual GDP of Cuba could fit in one square ($97 billion), and the Greek economy would be roughly two squares ($203 billion).Īlternatively, if you’re contrasting this unit to numbers found within Corporate America, there are useful comparisons there as well. In the above data visualization, we even the playing field by using a common denominator to put the world’s money and markets all on the same scale and canvas.Įach black square on the chart is worth $100 billion, and is not a number to be trifled with: Given the scale of these new numbers-how can we relate them back to the more conventional numbers and figures that we may be more familiar with? Introducing the $100 Billion Square Meanwhile, the Fed has announced “open-ended” asset-buying programs to support the economy, which will add even more to its current $7 trillion balance sheet. budget deficit this year, for example, is projected to hit $3.8 trillion, which would be more than double the previous record set during the financial crisis ($1.41 trillion in FY2009). In the current economic circumstances, there are some pretty large numbers being thrown around by both governments and the financial media. All of the World’s Money and Markets in One Visualization
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