Thursday, October 01, 2020

Crude price seen at $55-$65/barrel next year

Nov 27. 2019
Chansin Treenuchagron, president and CEO of PTT
Chansin Treenuchagron, president and CEO of PTT
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By THE NATION

Price of Dubai crude oil would be around US$55 – 65 per barrel next year, according to a joint forecast by ​Petrochemicals and Refining Integrated Synergy Management (PRISM) and Petroleum Refining Industry Club of the Federation of Thai Industries.

Factors that should be closely monitored include the US-China trade war, economic stimulus measures, increase in oil production capacity of non-Opec countries and output policy of the Organisation of the Petroleum Exporting Countries (Opec).

Chansin Treenuchagron, president and chief executive officer of PTT Public Company Limited, said today (November 27) that PRISM's expert insight and professional viewpoints will help businesses in handling abrupt changes and embark on new opportunities.

"These data will allow us to be the leaders. The most important thing is to provide fact-based information and valuable knowledge to the public, promoting collaboration in accordance with PTT Group's Sustainable Growth for All policy," he said at the Annual Petroleum Outlook Forum 2019 titled "Sustainable Energy...Shaping A Better Future". The event was co-hosted by PRISM Expert and the Petroleum Refining Industry Club of Federation of Thai Industries.

The 2019 forum, presided over by Chansin, presented future direction of global oil price, upcoming challenges in the energy sector, and solutions for sustainable energy.

Bandhit Thamprajamchit, president of Petroleum Refining Industry Club, commented on the global oil price trend, saying that "the global economic growth is currently at 3.4 per cent, causing crude oil demand to grow around 1.0 – 1.3 million barrel per day.

Although, the US-China trade war and Brexit have an impact on global economic growth as well as oil demand, the supply of crude oil in the world market tends to surge due to an increase in production capacity of non-Opec countries, including the United States. Meanwhile, Opec is maintaining its oil production level.

PRISM, therefore, forecast that Dubai crude oil price next year will be around the US$55 – 65 per barrel.

The long-term factors that will have an impact on the global oil situation are green energy policies and innovation & technology development for sustainable energy.

The Annual Petroleum Outlook Forum has been held since 2012, featuring an analysis by PRISM. Regular analysis on energy situation from PRISM can be reached via PRISM.PTTGRP.COM

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