Price fluctuations in global crude oil have surged by 4% following the Israeli-Hamas conflict. This escalation in oil prices has sparked fears, especially among oil companies, as Montri Rawanchaikul, the Chief Executive of PTT Exploration and Production Plc (PTTEP), voiced worries that the conflict may lead to disruptions in petroleum production in the Middle East.

 

Auttapol Rerkpiboon, CEO of PTT Plc, also expressed similar concerns. He pointed out that global crude prices spiked before experiencing a small dip, however, they remained higher than the pre-conflict level. Auttapol attributed this trend to the psychological impact of the war.

 

Thai Oil Plc, the oil refinery division of PTT, projected last week that West Texas Intermediate crude oil prices would average between US$80 to US$87 per barrel. This prediction comes after global oil prices soared past US$100 per barrel in the second quarter of last year due to anxieties over supply disruptions caused by the Russia-Ukraine conflict.

 

by Alex Morgan

Photo: thecable.ng

 

Full story: The Thaiger 2023-10-16

 

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The United States having the largest oil deposits of ~2 trillion barrels, tapping in these resources at full production would would most certainly curtail disruptions and good for the global economy.

2 hours ago, novacova said:

The United States having the largest oil deposits of ~2 trillion barrels, tapping in these resources at full production would would most certainly curtail disruptions and good for the global economy.

But the Biden Administration won't like hearing that.