2023 is shaping up to be a year of discipline, caution and little change for the US upstream

After substantial recovery in 2022 from the low crude prices and oil demand brought about by two years of the coronavirus pandemic, 2023 appears beset with uncertainties. Russia's war with Ukraine, wobbly oil prices and heavy Chinese fuel demand have dampened what was earlier hoped to be a sanguine oil patch in the new year. With inflation gobbling up what are likely to be low-double-digit capital spending increases and E&P operators signaling flattish 2023 activity, US oil and gas producers seem determined to "lay low" while waiting for greater visibility on near-term energy market fundamentals. Rene Santos, manager of North American supply and production for Platts Analytics, joined Starr Spencer on the podcast to share his thoughts on what may be awaiting the US upstream sector in 2023 as it prepares for a new year of drilling and production and waits for the lifting of clouds cast by events beyond its control. Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.