The black commodity is expected to resume its strengthening this year following the recovery in Chinese demand after the lifting of Covid restrictions.
This positive view was expressed by OPEC officials who saw the possibility that prices would bounce back to $100 a barrel.
Investors must still not forget that in 2022, the price of oil rocketed above $100 for the first time since 2014, seeing Brent trade at $138 and US WTI at $129 a barrel.
This follows the Russia-Ukraine war as well as the recovery of strong global demand, leading to the issue of supply shortages.
However, the strengthening of prices subsided towards the end of the year due to concerns about a global recession.
After volatile fluctuations last year, Iran's representative to OPEC, Afshin Javan, said prices may rebound to $100 in the second half of the year.
Meanwhile, current movements in the oil market have seen the black commodity decline after surging 2% last week.
At the time of writing, Brent oil futures were down at $85 a barrel, while US WTI traded down at $78 a barrel.
Last week, Russia announced it would cut oil production in March by 500,000 barrels a day in response to western sanctions.
