Oil price will exceed $100 in the first quarter of 2023

Mamdouh Salameh is an expert in global energy. In an interview with RIA Novosti, he said that the reduction in global production and price restrictions on Russian oil shipped by sea could cause a rise in the price for Brent crude oil. In the first quarter of 2023 it may cost more than $100 per barrel.

According to Salameh, the first quarter of 2023 can show a rise in the price of Brent crude oil above $100. The price may even be $105-110.

In his opinion, the decrease in oil production only seems relatively small. The countries that apply restrictions have received a prohibition on oil exports from Russia. This could make the situation worse and the reduction of oil production will amount to millions of barrels per day. Conditions on the global oil market will change. Deficits will appear and prices will start to rise, especially in a tight market and global demand, resistant to the reduction of global reserve production capacity.