According to the oil market report by the Organisation of Petroleum Exporting Countries (OPEC) for January 2023, global oil price slightly increased in the month of January 2023, contrary to the decline recorded in the previous month. The report showed that the OPEC reference basket (ORB) stood at $81.62 per barrel in January 2023, showing a marginal increase of $1.94 per barrel or 2.4% on a month-on-month basis when compared with the ORB price which stood at $79.68 per barrel.