At the end of last week, Algerian President Abdelmadjid Tebboune signed the state budget law for 2023. The crude oil market price is expected to be about $70 per barrel until 2025.

Competition between the West and the rest of the world would intensify, Deputy Chairman of the Russian Security Council Dmitry Medvedev wrote in an article that was published in the Rossiyskaya Gazeta.

The power grid of six eastern U.S. states used oil to generate at least one-third of their electricity, and in some cases as much as 40%, according to ISO New England. Meanwhile, natural gas provided about 15%.

Severe Covid-19 restrictions in China have had a strong impact on the country's economy by reducing demand for oil and its derivatives in particular. China has already lifted its restrictive Covid Zero policy, and the only question is how quickly it’ll recover.

Even though Europe has filled its gas storage ahead of the winter of 2023, its energy crisis is far from over. The situation in Europe could get even worse next winter.

In an interview with Russia-24TV Channel, Deputy Prime Minister Alexander Novak spoke about the possible rise in the cost of oil in Europe. Such forecast sounded in connection with a complete ban on the supply of Russian oil products.

Saudi Arabia and other Gulf countries have backed the energy transition. These governments are now making significant investments in renewable energy.

In many ways, global energy demand is boosted by India, which economic growth could be compared with the Chinese one. It positively affects the gas and oil market’s sentiment. However, the situation may change.

According to the forecast of Deputy Prime Minister Alexander Novak, next year the price of oil will take a range between $70 and $100 per barrel.

According to data from Baker Hughes, the oil and gas rig count rose to 779 in the US.