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The oil market remains at the center of the global spotlight. This has been the case for some months now due to the outbreak of the war between Israel and Hamas, a confrontation reminiscent of the most difficult moments of the oil market in the 1970s.
In 2023, the price of Brent crude averaged USD 82.5, falling from over USD 100 in 2022, driven by the war between Russia and Ukraine, although its trend over the past year has been somewhat erratic and dominated by a wide array of events.
We will see a very tight market throughout 2023, despite what is likely to be a significant economic slowdown due to various shocks, following the trend seen in recent years.
With inflation on the rise globally and an increase in Brent prices of around 50% year to date, there are many voices in favour of increasing the supply of oil. OPEC+ has a solution, but after the lack of consensus during the recent meetings, d…
In the midst of the global crisis caused by the COVID-19 pandemic, Saudi Arabia's increased oil production and cutting of prices went unnoticed.
To paraphrase Dickens: It is both the best of times and the worst of times for oil-producing countries. The outlook for OPEC is bleak. Despite production cuts, the price of Brent crude oil remains below $70 per barrel.
It has become common to see spikes in oil prices. Since October the price of Brent crude has fallen by 30% to around US$59 per barrel, its lowest level since October last year.
Finally things came together for the oil market after a three-year slump characterised by a sharp fall in prices, and their subsequent stagnation at relatively low levels.
