Oil and trouble: what lies ahead for SA fuel prices in 2023? | Business

The outlook for oil prices is uncertain, with risks to the upsideThe restart of a Western Cape refinery will also improve security of supply.Years gone by have more often than not been characterised by steep oil price movements.

In South Africa too, government came under immense pressure in 2022 to buffer consumers from fuel price hikes, and ultimatelyto fund a temporary reduction in the fuel levy. As Niall Kramer, an independent energy analyst, notes:"Guessing the oil price is a game nobody wants to be in. It will move. That's all you know. It will go up, or it will go down. And, frankly, that's why the majors don't get involved in any significant speculating. That is a highly risky game."In its latest forecast, the Energy Information Administration in the US predicts a more stable year ahead.

The Bank of America Global Research, however, expects Brent crude oil prices to average $100 per barrel in 2023, driven also by demand recovery in China as a result of the economy's post-COVID reopening and a drop in Russian supplies of about one million barrels per day as a result of European Union sanctions.

"While producers have finally caught up with post-pandemic demand, other risks remain next year, notably Russian output amid the new price cap [imposed by G7 nations] and its threats to cut output and not supply any countries abiding by it. That isn't a problem now, but if prices do start rising, that could accelerate the move quickly," Erlam writes in a note.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.

_Business Eastern Cape needs a refinary as well.

_Business Why are we not buying crude from Russia MYANC

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Economic weakness set to weigh on oil price in 2023 | BusinessOil prices are set for small gains in 2023, a poll of economists and analysts shows. But most analysts say that oil demand will grow significantly in the second half of the year. The impact of Western sanctions on Russian oil is expected to be minimal. Can whoever is controlling the interest rates button follow suit pls yerrrrrr...
مصدر: News24 - 🏆 4. / 80 اقرأ أكثر »

SA business: 21 burning questions that will be answered in 2023 | Business2023 looks set to be an eventful year in the South African business landscape. Here are some of the biggest developments you can expect. | News24_Business
مصدر: News24 - 🏆 4. / 80 اقرأ أكثر »

From Brian Molefe to Markus Jooste: The business court cases that will define 2023 | BusinessFrom one of the first major trials of the State Capture era to the highly anticipated court action against ex-Steinhoff boss Markus Jooste, these are the court cases News24_Business will be following in 2023. _Business I really wonder how many more continued holidays MJ has at Heranus? you can expect to hear two words a great deal in 2023 as far as the state capture court cases are concerned - postponed & appeal
مصدر: News24 - 🏆 4. / 80 اقرأ أكثر »

These 3 climate breakthroughs should give us hope for 2023 and beyond | Business InsiderThese milestones could make 2022 a turning point for the planet, including climate laws, progress in EVs, and agreements to combat plastic pollution.
مصدر: BISouthAfrica - 🏆 34. / 51 اقرأ أكثر »

INVESTMENT PORTFOLIO: Business Maverick’s amateur stock picks for 2023A team in form - our investments have grown over time, giving us space to explore our options for 2023.
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

Troubled China Evergrande pledges to repay debts in 2023 | BusinessChina Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown on excessive borrowing and rampant speculation in the real estate sector. | News24_Business _Business P
مصدر: News24 - 🏆 4. / 80 اقرأ أكثر »