Crude Oil Sheds 10% in 2023 (30 Dec 2023)

Posted by Clara Mellor on 07:36 with No comments

Crude oil closed 2023 10% lower, the first annual loss since 2020 amid concerns about increasing global crude supplies and slowing demand growth. Oil prices experienced short-lived rallies within the year driven largely by OPEC+ production cuts, the Israel-Hamas war, and interest rate cut expectations from the US Federal Reserve. However, mounting signs of rising crude production, especially from non-OPEC countries, coupled with an uncertain demand outlook, have driven oil prices lower.

The U.S. has hit a record high in crude production, estimated at 13.3 million barrels per day last week, paralleled by record outputs in Brazil and Guyana.

In December, markets also contended with Angola’s surprise exit from OPEC, vessel attacks by Houthi rebels that disrupted trade in the Red Sea, and the prospect of a prolonged conflict in Gaza.




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