Middle East countries expect oil prices to rise in early 2023

For the second month in a row, Saudi Aramco, Saudi Arabia's national oil company, is reviewing its prices for the United States, keeping them at record highs. Meanwhile, the unspoken rule of no price decreases has been in effect since November 2021. The coming month will be the fifteenth consecutive month without any downward revision.

At the same time, the company reduced the number of shipments in January for most export destinations, reflecting a general decline in set prices and weakening spot trade.

The UAE oil company ADNOC lowered prices, which may lead to a likely increase in demand in Asia. However, the company continues to invest significant funds into reserve production capacity. The general meeting of shareholders adopted a plan to reach the target of 5 million barrels per day by 2027 (instead of the previously announced target for 2030).

In this regard, ADNOC increased its capital budget for the next five years to $150 billion in order to simultaneously increase production of oil and gas.