World oil prices will experience significant fluctuations throughout 2023, driven by various geopolitical, economic and global energy policy factors. At the beginning of the year, the price of Brent and WTI (West Texas Intermediate) crude oil was in the range of USD 75-85 per barrel. However, in April, there was a spike in prices triggered by OPEC+ production cuts announced by Saudi Arabia and Russia. This creates expectations that supply will decrease as demand begins to recover post-pandemic. On the demand side, economic growth in large countries such as China and the United States contributed to the increase in oil consumption. The return to industrial and transportation activity post-COVID-19 adds pressure to global supply. However, geopolitical tensions in Eastern Europe, especially the Russian-Ukrainian conflict, remain a factor influencing prices. Sanctions against Russia raise concerns about supply stability in global markets. In the middle of the year, oil prices peaked at USD 95 per barrel. Investors are concerned about a spike in inflation resulting from high energy prices, which in turn could affect monetary policy in many countries. Central banks, such as the US Federal Reserve, are considering further tightening to control inflation, potentially reducing oil demand going forward. Starting in August, prices faced adjustments when economic data from the US showed signs of slowing. Rising unemployment figures and slowing manufacturing data are fueling concerns that energy consumption will also be impacted. As a result, oil prices experienced a sharp decline to reach USD 80 per barrel at the end of September. Towards the end of the year, various analyzes indicate that oil prices are likely to stabilize at the level of USD 70-80 per barrel. This of course depends on OPEC+ policy, as well as the direct impact of global economic conditions. In the long term, the transition to renewable energy and energy efficiency promises to influence oil demand dynamics. Oil price developments are also influenced by technological innovation in the energy sector. Increased efficiency in oil extraction and processing processes reduces production costs, while developments in electric vehicles are changing future demand expectations. Energy sustainability is becoming a major concern, and many countries are starting to invest heavily in renewable energy infrastructure. When monitoring developments in world oil prices, it is important to pay attention to key indicators such as the number of rigs in operation, oil reserve levels, and shifts in energy policy. All of these factors contribute to both short- and long-term impacts on global oil markets, creating challenges and opportunities for industry players and investors.