Wednesday, March 22, 2023

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The Price Of Oil By The Beginning Of 2023 May

The price of oil on the world market may rise to 110-115 dollars per barrel by the beginning of 2023. US strategic oil reserves are at their lowest level in 20 years. They decline quickly. Soon there will be an urgent need for their replenishment. The demand for crude oil will increase. This will increase fuel costs.

The embargo on Russian oil will come into effect on December 5, 2022, and on oil products from the Russian Federation on February 5, 2023. The G7 countries decided to set an upper limit on the price of oil, but in the context of the upcoming shortage on the world market and the declaration of the Russian Federation that it will not sell its raw materials under such conditions, the topic practically disappeared.

The price of gas is still high, while it is in short supply. It can lead to an increase in the price of resources, which will also result in an increase in the price of oil. The situation will also be affected by the decision of OPEC+ to reduce the production of raw materials

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