It's actually more to do with Saudi Arabia and Russia cutting production to increase the barrel price. Or if you prefer, collusion because they can get away with it as who is going to stop them especially when the West is on a Net-zero path that has no sat-nav destination.
Should I mention that only pre-covid, the price of oil was cheap to the point it shutdown smaller countries producing oil and with that, resuming production is extremely expensive which was the ultimate plan to monopolise the market by reducing supply therefore the price of oil goes up and...geo-politics. Throw in Ukraine and Russian sanctions and you have an ideal situation to do what you like. Lets now throw in the BRICS arrangement and you have another situation to contend with.
It's going to be like this for a few more months then because resuming production isn't an on/off button push as that will take a few more months. So expect 2024 to be even more expensive before it drops.
