Capture the World by PRISM Experts
PTT Group’s Oil Situation Analysts or “PRISM Experts” have revealed interesting information about the energy market in 2022 that will continue into 2023 in the seminar “2022 Annual Petroleum Outlook Forum: Thriving amid Global Energy Volatility towards Sustainable Growth in the Sustainable Future One event that had a far reaching effect was the severity and prolonged war between Russia and Ukraine. This led to the price of crude oil rising to as high as $100 per barrel. This is because Russia is a country that play a major role in oil in the world market. with a production capacity of up to 11 million barrels of crude oil per day and exports up to 5 million barrels of crude oil per day. Its exports are second only to Saudi Arabia. On at the same time, Russia still exports up to 50% to the European market.
In addition, another thing worth noting from the war between Russia and Ukraine that happened is the increase in product prices due to the cost of production as well. Because Russia is one of the countries that export important products in the world such as steel, paradium, sunflower oil. including wheat which is an important component of instant noodles The latter has increased prices in the last 14 years, as well as many consumer products that need to be adjusted to higher prices. As a result, this year’s GDP grew by only 3.2%, while inflation reached 8.8%, significantly affecting the well-being of the world’s population.
PRISM experts highlight issues to watch in 2023
However, PRISM Experts believe that 2023 is also a year that cannot be complacent. Due to the long war between Russia and Ukraine, its severity is still unpredictable. Including sanctions from Europe, it will be more or less. or the amount of impact but predicted Oil prices will average $85-95/barrel, down from 2022 at $99/barrel. However, the price is still high compared to the last 2-3 years when the average price was 60-70 USD / barrel. However, the price may vary. Of the two states of war, inflation, rising interest rates Including the movement of the great powers of world politics. like China and the United States still have to keep an eye on a lot
In addition, there is the uncertainty of natural disasters caused by global climate change. It also affects oil prices and energy consumption. Analysts note that if the weather is bad in 2023, it will affect natural gas prices. Furthermore, the protracted war between Russia and Ukraine has reduced exports to Europe. It will make the price of natural gas go up. At the same time, the US interest rate policy that has no tendency to reduce It also affects the direction of the market more. And another thing that must be kept an eye on at the same time is the demand for diesel and gasoline, jet fuel, which has not returned as it should at the moment. Since China has not yet opened the country from Zero – COVID measures, it has a big impact on the growth of the world economy. Because the amount of oil consumption is related to the direction of economic growth.
The world on a more fragile day
Another thing that has been talked about a lot on the world stage is climate change caused by global warming. which is an important factor affecting the energy market Including having a clear impact on people’s well-being Until causing the United Nations (UN) to call on all countries to join the confirmation of a Carbon Neutral Year 2050 to take care of the world environment -wide in a definite way. But one interesting thing from this is that many countries around the world are turning to the use of renewable energy. or more clean energy to be the way out of the world and to adapt from specific situations which is the factor that leads to good change such as the European Union that started to see From now on, we will aim to develop and become more self-reliant on the use of clean energy within the country. Instead of relying on fossil energy from Russia, etc. in the other region. The direction of energy is gradually adjusting, and at the same time, this type of adjustment could also be a new growth opportunity for those who see it.
In the seminar “2022 Annual Petroleum Outlook Forum : Thriving amid Global Energy Volatility towards a Sustainable Future – Growing Sustainably amid global energy volatility.” There was also a special discussion on the topic “Against the energy crisis towards sustainability” by Mr. Kulit Sombatsiri, Permanent Secretary of the Ministry of Energy, Mr. Tharit Panpiemrat assistant governor of the Bank of Thailand’s Financial Institutions Policy Group and Khun Kiatichai Maitriwong, Director of the Greenhouse Gas Management Institute of Thailand (Public Institution) together to find a solution in this challenging situation to create a balance in 3 dimensions, namely access to energy at a reasonable price. stimulate economic growth and protect the environment at the same time
The 2022 Annual Petroleum Outlook Forum is a seminar held for the 11th consecutive year in collaboration with the Petroleum Refinery Industry Group. The Federation of Thai Industries and companies in the PTT Group to present an analysis of the direction of oil prices Energy situations and challenges affecting the global energy industry. From a team of oil situation analysts or “PRISM Experts” organized in the form of online seminars. Those interested can watch the replay of the seminar on Facebook and YouTube “PRISM PTT Group”.