According to the analysis of market experts, OPEC+ production cuts will lead to a limited increase in global crude oil supply in 2023. Due to the sharp decline in Russian oil exports caused by sanctions from Western countries, Russia will turn its exports to Asia, but the sharp decline in Russian crude oil exports may be unavoidable, which will eventually lead to Russian oil production cuts.

In the US, high oil prices in 2022 have not stimulated a rise in US shale oil production. In addition, the Biden administration's energy policy, labor shortage, and other reasons have also restricted the investment and expansion of American shale oil companies. Global oil demand was also expected to decelerate in 2023.