PTT Group Petroleum Refining Industry Club, F.T.I. forecast crude oil price in 2018

Energy Press Releases Tuesday October 31, 2017 16:38
Bangkok--31 Oct--PTT

Petrochemicals and Refining Integrated Synergy Management (PRISM) and The Federation of Thai Industries (F.T.I.) forecast that Dubai crude oil price in 2018 will be average between $52-57 per barrel with the focused factors of politic, western & eastern economy, OPEC production policy and digital technology advance.

Mr. Tevin Vongvanich, President & Chief Executive Officer, PTT Public Company Limited, presided over 2017 The Annual Petroleum Outlook Forum. This seminar is held annually by Petrochemicals and Refining Integrated Synergy Management (PRISM) and Petroleum Refining Industry Club, The Federation of Thai Industries (F.T.I.) to deliver informative aspects and factors that affect oil price and its trend. In addition, this seminar also staged a panel discussion by the energy and digital experts in the subject of Thailand Energy Moving with Digitization.

Mr. Sukrit Surabotsopon, Chairman of Petroleum Refining Industry Club, F.I.T disclosed that Dubai crude oil price trend in 2018 would average between $52-57 per barrel. The world demand of crude oil would increase up to 1.4-1.5 million barrels per day which reflect the world GDP with a recovery growth of 3.7%.The increase trend is as a result of oil production cut agreement of OPEC & Non OPEC alike. Whereas the return of US shale oil production is faced with the higher cost of scatter production sites which in all resulted in the slightly increase of crude oil price. Other factor that of interest are the advancement of digital technology, changes in political policy, fluctuation of both of western and eastern economy, and implementing trend of electrical vehicle or EV. How far and fast that EV can go on with the focus on environment concern of shifting from fossil fuel to electricity and alternative energy, is depend on the support of government, infrastructure of production and distribution electricity, technology development, customer behavior and the relative industries in vehicle production.

"I hope this seminar will open the perspective not only on the energy but also on the digital technology that will have an important role in the future. Moreover, this information will bring the understanding and be useful for both government and private sectors to plan and execute their business effectively which will yield a benefit of better economy to every social sectors in the future." Mr.Tevin added

Latest Press Release

ET Energy เตรียมสร้างโรงไฟฟ้าพลังงานแสงอาทิตย์ 61MWp ในมาเลเซีย

ET Energy ผู้พัฒนาและผู้ประกอบการพลังงานสะอาดชั้นแนวหน้าของโลก ประกาศว่า บริษัทร่วมกับพันธมิตร Northwest Electric Power Design Institute Co., Ltd. ("NWEPDI") ซึ่งเป็นบริษัทในเครือ China Power Engineering Consulting Group...

PEA teams up with Messe Frankfurt and The Exhibiz to open Thailand Lighting Fair 2017 under the theme of Smart City Safe City during 16-18 November 2017 at BITEC Bangna

Thailand's Provincial Electricity Authority (PEA), Messe Frankfurt New Era, and The Exhibiz Co Ltd today open Thailand Lighting Fair 2017, ASEAN's leading trade fair on lighting technology, design and solutions. The event is being held for the third...

ET Energy to Build 61MWp Solar Project for UiTM in Malaysia

ET Energy, a global leading clean energy developer and operator has announced today that the company together with its partner Northwest Electric Power Design Institute Co., Ltd. ("NWEPDI") of China Power Engineering Consulting Group, have inked the...

World#s Largest BiOPV Roof Installation Using Heliatek#s HeliaSol(R)

Today ENGIE, Heliatek and the Department of Charentes-Maritimes inaugurated the world's largest BiOPV installation on a roof. 500 m2 of Heliatek's solar films were installed on the roof of the "Pierre Mendes France" middle school in La Rochelle, France....

Cepsa Analyzes World Trends and Socio-Economic Models in its 2030 Energy Map

Cepsa Energy Outlook 2030 is a research piece that presents what the energy mix will look like in 2030. The document answers questions such as what countries and technologies will meet fuel demands, what the impact of energy efficiency measures will be,...

Related Topics