Although crude oil prices are down from their mid-2022 highs due to concerns over global economic growth, an earlier-than-expected return to growth for Europe aided by an expedited reopening of the Chinese economy is expected to keep demand stable.
Moreover, almost a year has passed since the conflict between Russia and Ukraine started polarizing a global economy that was still recovering from the pandemic setback and redrawing the global energy map. Global energy supplies will remain constrained, with hostilities set to intensify in the spring.
