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The world's most dangerous black market
Aqrawi-Whitcomb, Peri-Khan Colorado School of Mines. Payne Institute for Public Policy Bazilian, Morgan Widdershoven, Cyril
Aqrawi-Whitcomb, Peri-Khan
Colorado School of Mines. Payne Institute for Public Policy
Bazilian, Morgan
Widdershoven, Cyril
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2018-10
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The oil market value is larger than the world's valuable raw metal markets combined, with an annual production value of USD 1.7 trillion (compared to USD 660 billion for other commodities like gold, iron, copper, aluminum, and zinc). It is the most traded commodity on global markets and still the world's leading energy source, with growing demand, a volatile pricing system, and much of its production in volatile geographic regions. It comes as little surprise, therefore, that production and trade in crude oil and refined petroleum products has produced a flourishing black market.
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