Global Oil Market: Current State, Infl uencing Factors, Prospect

Abstract

Thе article deals with the challenging conditions of the global oil market since the beginning of 2022. The author singles out factors that could affect the market both in the long- and the short-term. The first group includes the green agenda and the related policies of many governments and corporations aimed at following ESG principles, introducing new technologies, and broad digital transformation that encourages energy saving and changes in consumer behavior. At the 7 - 2023 Российский внешнеэкономический вестник 31 Мировая экономика same time, the global oil market is influenced by political decisions made by its participants in connection with the events of February 2022. It is concluded that the forecasts for 2023 may be subject to adjustment, although in general with average market prices at $80 per barrel global demand for oil is expected to decrease without substantial increase in supply.