Oil prices may rise slightly next year

BANGKOK, Nov 4 (TNA) -- Although the Organization of Petroleum Exporting Countries (OPEC) will cut their production to shore up the oil price, the prices will not increase significantly, according to PTT. PTT president and chief executive officer Tevin Vongvanich said PTT’s Petrochemicals and Refining Integrated Synergy Management (PRISM) found that global oil demand would rise continuously as the world economy would expand by 3.7% due mainly to the One Belt One Road/Chinese Dream 2050 initiative of China and the Make in India campaign of India. He said OPEC will be trying to reduce their petroleum production next year but oil supply will not significantly drop because the United States will produce more shale oil. Meanwhile, technologies are being applied to cut the production costs of petroleum from deepwater sources and oil sands. Oil prices are expected at US$50-60 per barrel. Mr Tevin said oil consumption would remain in the next 5-10 years but demand would not rise considerably due to the development of electric vehicles and renewable energy. (TNA)