In 2023, the price of oil will rise again to $100 per barrel as limited supply is matched by increased demand.

Axar.az reports that "Eurasia Group" consulting firm has released information about this.

"The oil market is set to experience a shake-up this year as China's economy recovers faster than expected from the sudden exit from the COVID-19 policy, as well as a shallow U.S. recession," it said.

According to the authors, these two factors will increase the demand for crude oil and create a severe shortage of new supply.

"The problem is deepened by the decline in Russian production against the backdrop of ongoing sanctions, the low level of OPEC+ reserve capacity, the decrease in capital investment in non-OPEC production and the absence of a nuclear agreement with Iran."

It should be noted that currently one barrel of "Brent" brand oil costs 79.12 dollars.