Global Energy Prices Face Uncertainty Despite 2022 Declines
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Oil prices expected to remain relatively stable around $80/barrel in 2023, barring any major geopolitical disruptions. Saudi Arabia could raise output to limit price spikes.
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Europe no longer relies on Russian gas after securing new LNG supplies, but gas markets remain finely balanced and vulnerable to demand/supply shocks.
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Tensions in Middle East already rerouting LNG cargoes around Africa, adding costs. Could hit prices if demand rises.
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Electricity prices fell in 2022 after hitting records, but remain well above pre-pandemic levels due to high gas prices.
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Many complex factors determine final consumer electricity bills, including wholesale costs, taxes and supplier charges.