In 2023, the supply side of the crude oil market may tighten

International oil prices rose significantly on December 30, with New York oil prices rising by more than 2% and London Brent oil prices rising by nearly 3%.

From the perspective of the whole year, international oil prices can be said to be on a roller coaster, the price soared to nearly $140 / barrel at the beginning of the year, but as many central banks around the world sharply raised interest rates to fight inflation, the entire market was shrouded in recession fears, and oil prices cooled rapidly in the second half of the year
.

For the whole year, New York oil prices rose by more than 6.
7%, and London Brent oil prices rose by about 10%, both far lower than the cumulative increase of 50% in 2021
.
Some market analysts said that although the increase in holiday travel at the end of this year and Russia's ban on crude oil sales in some countries supported oil prices, the decline in consumption caused by the deterioration of the economic environment in Europe and the United States will offset the impact
of tight supply.
For the upcoming 2023, some analysts pointed out that in the future, as OPEC production reduction pressure increases, coupled with Russia's factors that will further reduce production, the supply side of the market will still tighten, and oil prices may rise
.