The economic recovery this year has seen oil prices surge by 50% over 2021, which is the biggest gains in 12 years.
Brent Crude was $52 per barrel in January but is ending the year close to $80 per barrel.
Demand has increased and prices have soared as lockdowns eased and travel has resumed over the course of the year.
“We’ve had Delta and Omicron and all manner of lockdowns and travel restrictions, but demand for oil has remained relatively firm,” said CommSec’s Chief Economist Craig James. “You can attribute that to the effects of stimulus supporting demand and restrictions on supply.”