Plasma does transport oxygen, but only a small fraction compared to hemoglobin. Approximately 98% of oxygen in the blood is carried by hemoglobin within erythrocytes, while only about 2% is dissolved directly in the plasma. Blood is primarily composed of plasma, which makes up roughly 55% of its volume, along with leucocytes, platelets, and erythrocytes. Plasma consists of water, ions, plasma proteins, hormones, and various dissolved substances, including glucose, vitamins, waste products, and respiratory gases like oxygen and carbon dioxide. Thus, while plasma does play a role in oxygen transport, its contribution is minimal compared to hemoglobin.