Global oil price to shrink after summer in Japan


BANGKOK, 23 April 2011 – The global oil price is anticipated to dwindle after the end of summer season in Japan, according to the Integrated Refinery and Petrochemical Complex (IRPC) Plc. 

IRPC Executive Committee Dr Pailin Chuchottaworn stated that the oil price would still go up continuously in the first half of 2011; however, it is estimated to move in the opposite direction in the third quarter this year.

The executive committee reasoned that Japan will face the scorching hot weather during June-August, so electricity consumption in the country is expected to skyrocket during that period.

Nevertheless, Dr Pailin indicated that domestic oil price will possibly remain in high level despite a decrease in the global oil price in the aforementioned period since Thailand will be in rainy season, causing a slowdown in industrial businesses as well as economy in the ASEAN region.