Will the price of oil keep going up? A lot of certain factors that have influenced the growth of oil prices in 2022 will be in effect in 2023, but the price per barrel of oil will not rise above $110.

There is little chance that Brent crude oil prices will fall below $75 a barrel, and it is unlikely that they will rise appreciably above $110 a barrel.

Analysts felt that geopolitics, economic recession in developed countries, energy demand in China and the introduction of oil price caps will continue to influence quotes in 2023. Therefore, if demand is at least at current levels, oil prices will not fall.

After running a lot of restrictions on oil from Russia, supplies have shifted to Chinese and Indian markets. Even though fuel goes to these countries at a certain discount, Russia needs to have reliable partners. If Russia reduces oil production, there will be a situation when the world price of this fuel will go up.

Earlier we reported that the number of operating oil and gas rigs in the US has increased.