PRISM forecasts Dubai crude oil prices in 2022 to range between USD67-USD75/barrel

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PTT Group’s Oil Situation Analyst Team (PRISM Expert) and Petroleum Refining Industry Club, the Federation of Thai Industries (FTI) have expected average Dubai crude oil prices in 2022 to be between USD67 and USD75 per barrel, increasing from 2021, due to economic recovery in several countries around the world driving up oil consumption. Although both price and demand are continually rising, the impact of a mutation of COVID-19 virus and oil supply situations would still be considered.

Mr. Auttapol Rerkpiboon, President & Chief Executive Officer, PTT Public Company Limited, presided over the opening of the 2021 The Annual Petroleum Outlook Forum webinar entitled “Global Climate Action for A Better World”. The seminar is co-hosted by PTT Group’s Oil Situation Analyst Team or PRISM Expert and Petroleum Refinery Industry, the Federation of Thai Industries. For the tenth successful year in a row, the forum has been held to illustrate the direction and trend of global oil prices, which are challenges in energy industry, future energy sources, and environmental concerns.

PRISM experts told the audience at the webinar that crude oil prices in Dubai market, the benchmark of Thailand’s imported oil, expected to range around USD67-USD75 per barrel, higher than average prices in 2021 due to expected higher world demand. However, the market is keeping an eye on several factors that could have the implications on prices including the world’s economic recovery, the COVID-19 situation and the OPEC movement on oil production.

PRISM experts

PTT’s CEO Mr Auttapol stated that this year, 2021, energy business sectors still facing challenges owing to the economic impacts of the COVID-19 outbreak. Although oil demand shows a good sign of recovery, there are still unpredictable risks associated with either COVID-19 outbreak or global environmental regulations -carbon neutral aims and net zero greenhouse gas emission. Those risks affect global energy consumption trends and dwindle the oil production leading to insufficient amount of oil. Besides, many countries facing extreme weather also causes the price fluctuation.

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Global environmental issues play a crucial role in forecasting oil price and directions of energy businesses. Goals and policies to tackle with climate change have been established in all countries around the world, particularly by the United States, the European Union, and China. Therefore, the theme of seminar, “Global Climate Action for a Better World,” serves as a reminder that such issues have become global problems, on which all sectors must collaborate to help protect and preserve the planet towards living habits. The United Nations COP26 Climate Change Conference recently demonstrated a resolute intention to keep an increase of global temperature 1.5 degrees Celsius by 2050.

Mr Auttapol said PTT Group stands ready to cooperate fully with the national energy and environmental programs. Meanwhile, PTT Group prepares to provide a variety of alternative energy sources in order to ensure energy security and stability under the vision “Powering Life with Future Energy and Beyond”. This is to support Thailand’s goal to achieve carbon neutrality by 2050 and net zero greenhouse gas emissions by 2065.

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