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


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