Commodity Champions | 2022 was a year of uncertainty — 2023 is no less, says Vandana Hari

The three-day India Energy Week was the first major event under India's G20 presidency. The aim was to create strategies to deliver a multi-faceted energy system and making energy accessible among others.

According to Vandana Hari of Vanda Insights, the past year has been filled with uncertainty and unpredictability in the oil market — 2022 was a rollercoaster of ups and downs in terms of oil prices, and it seems that 2023 is no less uncertain.

Hari believes that oil prices will continue to react to the global market sentiment. The events and news that shape the global economy will continue to impact the oil market, causing prices to fluctuate.

OPEC+ and the oil markets are in a wait and watch mode with respect to China. The impact that China has on the global economy is significant, and its decisions will continue to affect the oil market. As a result, the oil markets are keeping a close eye on China's actions.

Despite the uncertainty in the market, Hari doesn't expect crude prices to reach $100 per barrel. She believes that the market will remain relatively stable, with fluctuations in prices based on global events and news.

Finally, Hari warns that we may see a drop in demand from global economies. The global economy is still recovering from the pandemic, and there is a chance that we may see a decrease in demand for oil in the coming months.

In conclusion, the oil market continues to be uncertain and unpredictable, with prices continuing to react to global market sentiment. The impact of China and the state of the global economy will continue to shape the market, and it's important for players in the industry to stay vigilant.

Sandeep Kashyap, COO of the ACME Group, sees green hydrogen and ammonia receiving higher investments. He also believes India has the capability to run green plants on a 24X7 basis.

Abhishek Kar, Sr Programme Lead, CEEW; Saurabh Singh, APAC and India Head – Energy, Kearney; and S Ravi Shankar, Director and CEO, Shapoorji Pallonji Energy, also shared their thoughts.