Global oil demand is set to rise to an all-time high in 2023 as China relaxes its covid restrictions according to a report by the INternational Energy Agency.
Meanwhile global oil supply is set to constrict as sanctions hit Russian oil supply and Russia itself restricting supply for its own strategic reasons.
Adding the two factors together, higher demand and lower supply indicates a higher price for oil as the year progresses.
Recessionary fears are one factor restraining prices rises so far. As we go to press the price of Brent Crude on the oil futures market stands at around the $83 per barrel mark.
