PTT, Thai refineries forecast oil at $45-55 in 2021
PTT Group Oil Situation Analysts (PRISM Expert) together with the Federation of Thai Industries’ Petroleum Refinery Industry Club have forecast the 2021 Dubai crude oil price at US$45-55 per barrel – higher than 2020 due to Covid-19 vaccine development, international stimulus measures and renewable energy trends.
However, the analysts warn recovery of the oil market is still at risk. If the virus outbreak continues and becomes difficult to control, Dubai crude prices would stay at $35-$45 per barrel, they said.
Bandhit Thamprajamchit, chairman of the Petroleum Refining Industry Club, said Covid-19 was "the Great Reset, or a major turning point" that forced oil demand in 2020 to drop to its lowest level in history.
The discovery of Covid-19 vaccines was a crucial signal for each country to set measures and stimulate the economy, he added.
