In August 2023, oil prices increased by 1.5% per month. Oil prices have stabilized around $85 a barrel after Saudi Arabia and Russia announced production cuts in July and early August, sending prices soaring.

The slowdown in China's economic growth (JP Morgan lowered its 2023 forecast to 4.8% from 6.4%) and rising interest rates have a significant impact on the oil market. It is also significant that there is a high probability that the US may lift the limits imposed on the export of Iranian and Venezuelan oil. At the same time, hedge funds changed their positions and began to speculate on expectations of future price declines.

As for the price of natural gas, it increased by 12.0% in August 2023. Due to political tensions with Russia, Europe's dependence on this product has increased significantly (40% of natural gas consumption), which has made the continent vulnerable to energy shocks.