PTT Group and Petroleum Refining Industry Club of F.T.I. Forecast Oil Price of 2019

Energy Press Releases Thursday November 15, 2018 16:58
Bangkok--15 Nov--PTT

Petrochemicals and Refining Integrated Synergy Management (PRISM) and Petroleum Refining Industry Club of Federation of Thai Industries forecasted that Dubai crude oil price in 2019 would be around 70 – 80 USD/bbl. Factors that should be closely monitored are trade war, OPEC's policy on oil production, Green Energy policies, and the growth of innovation and technology.

Mr. Chansin Treenuchagron, President and Chief Executive Officer of PTT Public Company Limited, presided over the opening ceremony of 2018 The Annual Petroleum Outlook Forum: "Future Energy Moving Together". The PRISM Expert together with Petroleum Refining Industry Club of Federation of Thai Industries held the event to present the direction and the tendency of global crude oil price and other challenges, aiming to prepare the audiences for the future of energy from the experts' experience, which are useful for every business sector.

"Knowing the interesting analysis about energy from PRISM Expert of PTT and hearing from the experts in the seminar will prepare all of us to the future of energy in Thailand and let us create an efficient business plan accordingly. More importantly, if we distribute the correct information to the public, it will maximize benefit to the country, both now and in the future. This is one of the methods to collaborate between people and organizations, internally and externally, to sustainably generate the growth of the society and the economy of Thailand according to PTT policy"Sustainable Growth for All"." Mr. Chansin said.

Mr. Atikom Terbsiri, President of and Petroleum Refining Industry Club, revealed the direction and the tendency of global crude oil price in 2019 that "Nowadays, global economic growth rate is at 3.7%, which leads to the expansion of crude oil need to 1.1 – 1.3 million barrels per day.However, the trade war between the U.S. and other trading partners might put pressure on global economic expansion and the need of oil usage.At the same time, global crude oil supply tends to be strained from the geopolitical and economic problems in crude oil producer countries. These factors lead to the forecast of PRISM Experts that Dubai crude oil price in 2019 would be around 70 – 80 -USD per barrel. Moreover, there are other long-term elements that should keep an eye on, such as Green Energy Policy and digital technology, which will play an important role in energy industry. They might change consumer behavior, which will alter the way people use energy.

The Annual Petroleum Outlook Forum has been held since 2012, with PRISM Expert as an oil analysis team. Regular analysis on energy situation from PRISM Expert can be reached via https://prism.pttgrp.com.

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