Bangkok, Aug. 10 – The Energy Policy and Planning Office (EPPO) reveals that global crude oil prices tend to remain high. due to China’s economic stimulus measures and OPEC Plus reduce production

Mr. Wattanapong Kurovat, director of the Energy Policy and Planning Office (EPPO), revealed that over the past week Crude oil prices tend to stay at a high level. Investors predict that China tends to have higher fuel demand. from China’s economic stimulus measures In addition, the demand for crude oil pulled from the production cuts of OPEC Plus group. Led by Saudi Arabia and Russia, Saudi Arabia has extended the time to cut production by more than 1 million barrels per day. until the end of August 2023 and announced an increase in the price of crude oil sent to trading partners in Asia as well While Russia has cut oil exports by more than 500,000 barrels per day from July 2023 until the end of the year, which will result in a drop in the oil supply in the market by more than 1.5 percent. US Federal Reserve (FED) interest rate hike continues to slow down overall global oil demand.

Overview of world oil prices (July 17 – 23, 2023) Dubai and West Texas crude oil prices averaged at US$ 80.57 per barrel and US$ 75.68 per barrel. Increased from the previous week by 0.57 USD per barrel and 0.46 USD per barrel, respectively.

It is expected that the Federal Reserve (FED) is nearing an end to raising interest rates this year after the US released weak economic data. Retail sales in June 2023 rose only 0.2 percent, lower than analysts’ expectations of a 0.5 percent increase, while the country’s overall industrial production fell 0.5 percent. from the production reduction of OPEC Plus group and increasing tensions between Russia and Ukraine. Including China imported more than 10.5 million tons of crude oil from Russia in June 2023, a record 44 percent increase. This is coupled with expectations that China will speed up economic stimulus measures that cover the revitalization of domestic demand and consumption.

middle price of refined oil in the Asian market

Gasoline price: The average price of 95, 92 and 91 (Non-Oxy) gasoline is at $ 100.91 per barrel, $ 95.15 per barrel and $ 97.95 per barrel. Increased from the previous week, $ 4.17 per barrel, $ 4.26 per barrel and $ 4.78 per barrel.

International Enterprise Singapore (IES) reported reserves of commercial Light Distillates in Singapore. The week ending July 19, 2023 decreased by 0.86 million barrels to 12.18 million barrels. The Petroleum Association of Japan (PAJ) reported Japan’s commercial reserves. The week ending July 15, 2023 decreased by 0.26 million barrels to 9.42 million barrels, while the US Energy Information Administration (EIA) reported US gasoline demand. The week ending July 14, 2023 rose 99,000 barrels/day to 8.86 million barrels/day. Below the 5-year average at 1.4 percent

Diesel price: High speed diesel (10 PPM) averaged at $101.23 per barrel. Increased from the previous week by 1.59 US dollars per barrel. International Enterprise Singapore (IES) reported reserves of commercial Middle Distillates in Singapore. The week ending July 19, 2023 fell by 0.02 million barrels to 7.85 million barrels and the Joint Organizations Data Initiative (JODI) reported Saudi export volumes. In May 2023, it fell 20.2 percent to 632,000 barrels per day.

Mr. Wattanapong added that As for the Thai baht, it appreciated from the previous week by 0.58 baht / US dollar. to an average level of 34.4056 baht / US dollar causing the cost of gasoline to increase by 0.55 baht/liter and the cost of diesel fuel to decrease by 0.02 baht/liter, affecting the weighted average market value of gasoline group and diesel fuel at the level of 2.44 baht / liter

While the oil fund position as of August 6, 2023 has total assets of 42,632 million baht, the fund’s liabilities are 93,070 million baht, divided into negative from the oil account 5,323 million baht, LPG gas account 45,115 million baht.-Thai News Agency

Source: Thai News Agency