PTT expects energy prices to fall in 2023, easing pressure on economy

  • National energy conglomerate PTT expects oil prices to fall next year. PTT president and CEO Auttapol Rerkpiboon forecast that the price of a barrel of oil would fall from USD90-100 in 2022 to USD85-100 in 2023, easing pressure on the economy.
  • He also expects the LNG price to drop from early next year as demand declines after winter in Europe. A falling LNG price would cut electricity generation costs, as natural gas is used to fuel power stations.
  • Auttapol told the “Thailand Economic Outlook 2023” seminar held by Krungthep Turakij, that PTT must strike a fine balance between ensuring sufficient oil and gas to meet demand, minimising environmental impacts, and keeping prices as low as possible.
  • He added that PTT is focusing on maximising refinery and transport efficiency and using carbon capture storage technology to reduce environmental impacts.
  • The energy giant is also switching its focus to cleaner energy such as natural gas as oil consumption is expected to drop over the next decade, he said.
  • However, PTT will diversify investment to avoid dependence on a narrow range of energy sources.
  • Auttapol added that all companies under the PTT Group were committed to achieving net-zero carbon emissions by 2050, 15 years ahead of Thailand’s national goal. As such, PTT would increase its solar electric generating capacity to 12,000 megawatts and double its tree-planting mission to two million by 2050.

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