Oil tanker. Photo credit: Shaah Shahidh
International Energy Agency: Oil price could rise dramatically in 2023
For the Europeans, the next shot in the knee is on the horizon. Thanks to the next level of sanctions against Russia, the production volumes of Russian gas could collapse massively in the first quarter of 2023 – and oil prices on the stock exchanges could drastically increase. This fear is being expressed at the International Energy Agency (IEA).
The IEA is also increasing its forecasts for global oil demand this year and next, which will also push oil prices higher. For 2023, the forecast was raised to 1,7 million barrels per day. Global crude oil consumption should then average 101,6 million barrels per day.
An import ban on Russian crude oil deliveries by tanker to the EU has been in effect since December 5, 2022. From February 5, 2023, all oil products will also be affected in general. Oil mixtures from third countries are also subject to the import ban if they contain Russian crude oil. The embargo is said to affect around two-thirds of Russian oil exports to Europe.
From February 5, oil products will also be affected by the price cap decided by the G7 countries, the EU and Australia. Only 60 dollars should be paid for a barrel of oil. According to the new forecast, however, it is doubtful that this measure will lower the oil price. This time, too, it will primarily be the consumers who have to foot the bill.
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