PTT Public Company Limited expects the average price of Dubai crude oil to reach 100 dollars a barrel for a short period, due to the ongoing Russian invasion of Ukraine.
Atthaphon Rerkpiboon, PTT Chief Executive Officer and President, made the statement, amid concerns that the Black Sea conflict would pose economic impact to Thailand.
Currently, Dubai crude oil price is at 92.34 dollars a barrel, with WTI and Brent crude already well exceeding 100 dollars at 108.58 and 110.39 dollars respectively, as of Wednesday morning.
Citing analysts, Atthaphon said that the Ukrainian crisis would likely improve within 6 months. He added that crude prices could start to drop if Iran is allowed to export oil again. The nation is currently facing sanctions triggered by its nuclear experiments.
The CEO further stated that the Ministry of Energy, PTT, and related agencies closely follow the development in Ukraine. He gave his reassurance that the Kingdom would not face energy shortages. However, it is expected that fuel prices will be affected by the conflict.
He urged people to conserve and consume energy strategically.
Global prices of LNG is, meanwhile, also expected to rise to an average of 26.3 dollars per million BTU in the first quarter of this year. (NNT)
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