Oil demand expected to soar in 2013

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BANGKOK, 22 February 2013  A Thai energy firm has reported that, according to the International Energy Agency, this year’s global oil demand will stand at 90.68 million barrels a day, increasing from 89.94 million barrels a day in 2012, due to economic expansion in Asia. 

Bangchak Petroleum President Wichian Usnachote said the company had assessed the oil price situation and believed that the global oil price was likely to drop in the first half of this year as the Euro zone’s demand for oil was still in a downward trend. The Euro zone’s lower petrol demand is a result of sluggish economy and the end of winter.

However, for the second half of the year, he said the global oil demand had a tendency to rise following China’s higher oil demand and the thriving Asian economy. The average price of Dubai crude oil is expected to stand between 100-115 USD per barrel, but Thailand’s retail oil price would not increase much due to the baht appreciation and the government’s management of the Oil Fund.

The Bangchak president added that the government might continue to keep diesel price at below 30 baht a liter in a bid to prevent the cost of living from rising.