(WWLP) – Crude oil prices have been down lately, and that has meant relief at the gas pump.
But it may not last. 22News explains what could drive oil and gas prices back up this year.
The latest oil market report from the International Energy Agency is forecasting global oil demand will increase by 1.9 million barrels per day in 2023, reaching a record 101.7 million barrels per day.
The agency expects oil supply growth to slow to 1 million barrels per day in that same period, with nearly half of that coming from China. They warn of possible oil supply shortages, as Chinese demand will likely surge, as the aviation industry picks up.
The looming supply-demand dynamic could bolster prices, experts advise drivers to start preparing for what’s coming.