Oil posted its largest gain in three months this week, mostly recouping the prior week’s steep decline, as confidence in China’s recovery solidified among traders.

Spending on low-carbon projects will increase by $60Bn this year, led by wind and a rise in funding for hydrogen and CCUS, Rystad Energy said.

Upstream oil and gas got its mojo back in 2022. Record cash flows restored confidence and repaired balance sheets. For many, there is excitement about the year ahead.

Shell has noted five trends in its 2023 energy sector outlook related to energy security, economics, and transition to low-carbon sources.

Will we see oil hit $100 per barrel this year?