PTT Group Together with Petroleum Refining Industry Club of F.T.I. Forecast 2020 Oil Price

Energy Press Releases Wednesday November 27, 2019 16:50
Bangkok--27 Nov--PTT Public Company Limited

Petrochemicals and Refining Integrated Synergy Management (PRISM) and Petroleum Refining Industry Club of Federation of Thai Industries forecasted that Dubai crude oil price in 2020 would be around 55 – 65 USD/bbl.Factors that should be closely monitored include trade war, economic stimulus measure, increase in oil production capacity of Non OPEC, and policy on oil production of OPEC.

Mr. Chansin Treenuchagron, President and Chief Executive Officer of PTT Public Company Limited,presided over the opening ceremony of 2019 The Annual Petroleum Outlook Forum: "Sustainable Energy…Shaping A Better Future. PRISM Expert together with Petroleum Refining Industry Club of Federation of Thai Industries held the event to present the future direction of global oil price, upcoming challenges in energy sector, and solutions for sustainable energy. Experts in energy sector also joined a panel discussion to share their information and experiences, which will be useful for both public and private sectors.

"PRISM Expert's insight information and professionals' viewpoints will provide us the better understanding, so we can handle the abruptly future change, and embark on business 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."

Mr. Bandhit Thamprajamchit, President of Petroleum Refining Industry Club revealed 2020 global oil price trend that "the global economy is currently at 3.4 percent, causing crude oil demand to grow around 1.0 – 1.3 million barrel per day. Although, the U.S.-China trade war and Brexit have an impact on the 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 e.g. the United States. Meanwhile, OPEC still maintains its oil production level. PRISM Expert, therefore, forecasted that Dubai crude oil price next year will be around the range of 55 – 65 USD/bbl. The long-term factors that will have an effect 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, with an oil analysis from PRISM Expert team.Regular analysis on energy situation from PRISM Expert can be reached via https://prism.pttgrp.com.

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