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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Study: The size of the oil market exceeds the production of 10 major commodities in terms of product

    Rocky
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    Study: The size of the oil market exceeds the production of 10 major commodities in terms of product Empty Study: The size of the oil market exceeds the production of 10 major commodities in terms of product

    Post by Rocky Tue Jul 04, 2023 6:14 am

    Study: The size of the oil market exceeds the production of 10 major commodities in terms of production and prices annually

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    Economy News _ Baghdad
    While the global economy is dependent on many commodities, none come close to the massive size of the crude oil market.
    Besides being the primary energy source for transportation, oil is a major raw material for many other industries such as plastics, fertilizers, cosmetics, and pharmaceuticals.
    As a result, according to a Canadian study seen by Al-Iqtisad News, the global physical oil market is of astronomical size and has a great economic and geopolitical impact, with a few countries controlling global oil production.
    According to the Canadian website (Visual Capitalist), which focuses on topics including markets, technology, energy and the global economy, oil came first in terms of production and market size, as the world produced in 2022 about 80.75 million barrels per day of oil, including condensate, and therefore production The annual volume of crude oil amounted to 29.5 billion barrels, with a market size of $2.1 trillion. 
    He added that iron ore came second with 2.6 billion tons, with a market size of 183.4 billion dollars, and gold came third, with production reaching 3,100 tons and a market volume of 195.9 billion dollars, indicating that copper ranked fourth with 22 million tons and a market size of 183.3 billion dollars. Aluminum came fifth with 69 million tons, and the market size amounted to $152.6 billion.
    He added that nickel ranked sixth with 3.3 million tons, with a market volume of $68.8 billion, while zinc ranked seventh with 13 million tons, with a market volume of $30.9 billion, and silver ranked eighth with 26,000 tons, with a market volume of $19.9 billion. The molybdenum commodity came with 250,000 tons, and the market volume reached 12.9 billion dollars. The palladium commodity came with 210 tons, and the market volume reached 9.2 billion dollars. The commodity came with 4.5 tons, and the market volume reached 9.2 billion dollars.
    She noted that the market size of the top 10 mineral markets amounted to $967 billion, less than half of the oil market, and therefore this reflects the huge volume of global oil consumption annually.


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