Cepsa Crude Price Increase 2023

Crude prices in 2023 averaged $82.6/bbl, 18% lower than 2022, with global crude markets reaching a more balanced equilibrium as Russian crude found new customers from outside of Europe following the EU import ban on its crude and products, and OPEC+ crude supply curbs acted to offset the impact of increased supply. Even though 2023 saw a much less volatile crude oil market compared to 2022 (which saw multi-year highs following the Ukraine crisis), 2023 was not without its own events. In early June, OPEC+ members announced an extension to its production cuts through to the end of 2024, further exacerbated by Saudi Arabia’s voluntary 1 million barrels per day cut through to the end 2023. This led to a crude oil price high of $98/bbl towards the end of September 2023, coinciding with the Israel-Hamas conflict. Crude prices in Q4 2023 were 3% lower than the previous quarter (Q4’23 $84.0/bbl vs Q3’23 $86.8/bbl) as fears of wider conflict and supply shortages eased and concerns over global demand for oil took control. At the very end of the year Houthi attacks on shipping vessels in the Red Sea acted as another potential supply block to crude travelling to various global markets, causing crude prices to increase and close the trading year at $78/bbl.

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