Sizing Up: The Oil Market vs Top 10 Metal Markets Combined
April 22, 2024

By  Graphics/Design: Sam Parker

The Size of the Oil Market vs Top 10 Metal Markets


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).


Note: This analysis focuses on raw and physical materials, excluding derivative markets and alloy materials like steel.


How Big Is the Oil Market?


In 2022, the world produced an average of 80.75 million barrels of oil per day (including condensates). That puts annual crude oil production at around 29.5 billion barrels, with the market size exceeding $2 trillion at current prices.


That figure dwarfs the combined size of the 10 largest metal markets:

Commodity 2022 Annual Production Market Size
Crude Oil 29.5 billion barrels $2.1 trillion
Iron Ore 2.6 billion tonnes $283.4 billion
Gold 3,100 tonnes $195.9 billion
Copper 22 million tonnes $183.3 billion
Aluminum 69 million tonnes $152.6 billion
Nickel 3.3 million tonnes $68.8 billion
Zinc 13 million tonnes $30.9 billion
Silver 26,000 tonnes $19.9 billion
Molybdenum 250,000 tonnes $12.9 billion
Palladium 210 tonnes $9.5 billion
Lead 4.5 million tonnes $9.2 billion

Based on prices as of June 7, 2023.


The combined market size of the top 10 metal markets amounts to $967 billion, less than half that of the oil market. In fact, even if we added all the remaining smaller raw metal markets, the oil market would still be far bigger.


This also reflects the massive scale of global oil consumption annually, with the resource having a ubiquitous presence in our daily lives.


The Big Picture


While the oil market towers over metal markets, it’s important to recognize that this doesn’t downplay the importance of these commodities.


Metals form a critical building block of the global economy, playing a key role in infrastructure, energy technologies, and more. Meanwhile, precious metals like gold and silver serve as important stores of value.


As the world shifts towards a more sustainable future and away from fossil fuels, it’ll be interesting to see how the markets for oil and other commodities evolve.


Copyright © 2024 Visual Capitalist

March 18, 2025
TORONTO, March 18, 2025 - VVC Exploration Corporation, dba VVC Resources, (“VVC”), (TSX-V:VVC and OTCQC:VVCVF) announces the following: Appointment of Officers The Directors appointed Mr. Bill Kerrigan as President and Chief Operating Officer of VVC. Mr. Kerrigan will continue to be President of Plateau Helium Corporation. Mr. James A. Culver will remain as CEO of VVC. VVC Chairman, Terrence Martell, commented, "As a representative of Management and the Board, I extend heartfelt gratitude to Mr. Culver for his years of service as President. I also welcome Mr. Kerrigan to his new role as President and I am confident that he will provide positive momentum for VVC." Option Grant The Directors also granted incentive stock options under its stock option plan, to officers, directors and consultants of the Company, to purchase up to an aggregate of 15,700,000 common shares, representing 2.74% of the outstanding shares of the Company. The stock options are exercisable at a price of CA$0.05 per share expiring March 17, 2035. 25% of the options granted will vest immediately with the remaining vesting at 25% every six months. The exercise price was fixed at the minimum allowable price by the TSX Venture Exchange policies. The options, granted in accordance with the provisions of the Company's stock option plan, are subject to the TSX Venture Exchange policies and the applicable securities laws. Of the Options granted, 41.1% were to Directors, 30.3% to Officers and 28.7% to Employees/Consultants of the Company. About VVC Resources VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC). To learn more, visit our website at: www.vvcresources.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
December 5, 2024
The Company’s Annual General Meeting of Shareholders (“AGM”) took place virtually yesterday with 34 attendees (shareholders and guests). Total attendance in person and by proxy was 137 shareholders representing about 51.4% of the outstanding shares. At the AGM, shareholders approved the election of all Directors proposed by Management with over 90% of the tendered votes being in favor, and the re-appointment of MNP LLP as auditors of the Company with all of the tendered votes being in favor.
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