The impact of European sanctions on Russian oil and measures to limit prices have not yet brought clear results, and their implementation is still unclear, Saudi Energy Minister Prince Abdulaziz bin Salman said, according to Reuters.

"What is happening now in terms of sanctions and price caps imposed and all of it really did not bring clear results, including measures implemented on Dec. 5, we see a state of uncertainty in implementation," Prince Abdulaziz told a forum held following the country's 2023 budget announcements.

He said Russia's response and what actions it will take in response to these instruments is another aspect to consider when looking at the state of global markets. "These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes," he said, referring to the price cap.

Other factors affecting the market in 2023 include China's COVID-19 policy. The impact of loosening covid restrictions on China's economy still takes time, he said.

"Central banks are still preoccupied with managing inflation, no matter the cost of these measures and their possible negative impact on global economic growth."

He said the OPEC+ alliance's Oct. 5 decision to cut production by 2 million bpd proved to be the right one, given recent developments.

Prince Abdulaziz said that the alliance will continue to focus on market stability in the coming year. He also said he insisted that every member of the OPEC+ alliance participated in the decision-making process. 

"Group action requires agreement and therefore I continue to insist that every OPEC+ member, whether a big or small producer...be a part of decision-making," he said. "Consensus has positive implications on the market."