Despite the fact that oil prices have temporarily fallen, they will still start to grow rapidly in the second quarter of 2023 due to the Russian response to sanctions, writes Interia.

World oil prices fell on Monday morning after a noticeable increase on Friday. Russian warnings at the end of last week to cut supplies only temporarily affected the market. However, too low a supply of raw materials for a long time may cause oil prices to skyrocket again. According to analysts' forecasts, it may happen already in the second quarter of 2023.

Market experts agreed that oil prices have fallen because the market expected a reduction in supply from Russia. In addition, it was difficult for Russia to find buyers for oil after the embargo from the European Union (EU) came into force.

Analysts said the recovery of Chinese economy could send oil prices soaring above $100 a barrel. Such a scenario would be possible if China's economic performance actually grows along with demand for fuel, and its supply does not increase.

On February 12, Haitham al-Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), said at the opening of the VI International EGYPS (Egypt Petroleum Show) that oil demand in 2023 would be at 102 million barrels per day (bpd), which would exceed the pre-pandemic coronavirus by 1.9 million bpd.