Oil may resume its rally in 2023 as Chinese demand recovers after COVID-19 curbs were scrapped and lack of investment limits growth in supply, OPEC country officials said, with a growing number seeing a possible return to $100 a barrel.
In 2022, oil soared above $100 for the first time since 2014 as demand recovered from COVID-19 lockdowns in much of the world and Russia's invasion of Ukraine added to supply concerns. But Brent crude ended the year close to $86 on fears of global recession.
A move back above $100 for a prolonged period would earn more revenue for OPEC members, whose economies mostly depend on oil income, and be a setback for industrialized economies trying to control inflation and interest rates.