Thai Oil predicts equal oil demand and supply, boosted by Asian refineries

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Oil refinery facilities in Sriracha Chonburi Thailand, Image via flickr

 

Thai Oil Plc (TOP), a subsidiary of the PTT Plc conglomerate, anticipates a more favourable outlook for oil trading in 2023, with global oil demand and supply projected to be nearly balanced.

 

Crude oil demand is predicted to reach 101 million barrels per day (MBD), a 1.6 MBD increase from 2022, while supply is expected to be 101.3 MBD, a 1.5 MBD rise from the previous year, according to Nuttapol Nopparatwong, TOP’s vice-president for commercial planning.

 

He cited estimates from the US Energy Information Administration, which indicate a reduction in the current oil supply surplus due to the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreeing to cut production. Crude oil demand is likely to be driven by consumption, particularly in Asia. Nuttapol said…

 

“Higher demand will correspond with additional production capacity from new oil refineries across Asia, which are scheduled to start commercial operation in the second half of this year.”

 

Full Story: https://thethaiger.com/news/business/thai-oil-predicts-equal-oil-demand-and-supply-boosted-by-asian-refineries

 

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