oil prices

  • Business NewsMiddle East tensions threaten Thai economy with rising oil prices

    Middle East tensions threaten Thai economy with rising oil prices

    Geopolitical tensions in the Middle East are having a significant impact on the Thai private sector, as the prolonged conflict between Israel and Hamas extends beyond a year. The ongoing Israeli offensive has led to rising oil prices and shipping blockages, which threaten to affect the Thai economy by increasing inflation and prompting higher interest rates in countries like the…

  • Thailand NewsThailand assures 60-day oil reserve amid Middle East conflict

    Thailand assures 60-day oil reserve amid Middle East conflict

    The Ministry of Energy assured the public that Thailand’s oil reserves are sufficient to last over 60 days amidst the escalating conflict in the Middle East. Measures are being taken to ensure stable oil prices despite the volatile situation. Weerapat Kiatfuengfu, Deputy Permanent Secretary and spokesperson for the Ministry of Energy, stated that the ministry and relevant agencies are closely…

  • Business NewsMiddle East tensions may impact OFFO’s debt repayment strategy

    Middle East tensions may impact OFFO’s debt repayment strategy

    Rising tensions in the Middle East, particularly between Israel and Iran are anticipated to push global crude oil prices higher, potentially impacting the Oil Fuel Fund Office’s (OFFO) debt repayment strategy, according to a spokesperson from the Energy Ministry. Uncertainty surrounds whether the United States will back potential Israeli strikes on Iran’s oil infrastructure, raising concerns about oil price volatility,…

  • Thailand NewsThailand drafts new law to restructure oil prices

    Thailand drafts new law to restructure oil prices

    Thailand’s Deputy Prime Minister and Minister of Energy announced the completion of a draft law aimed at restructuring oil prices. This law is currently under review by a team of legal and energy experts before being presented to the Cabinet and later to the House of Representatives for consideration. Minister Pirapan Salirathavibhaga emphasised his commitment to ongoing projects despite the…

  • Business NewsGlobal oil prices dip over China’s economic slowdown

    Global oil prices dip over China’s economic slowdown

    With the ongoing economic slowdown in China and diminishing hopes for imminent US interest rate reductions, global oil prices saw a decline in the early trade today. These concerns outweighed supply apprehensions triggered by escalating tensions in the Middle East. Trading at US$89.16 a barrel, Brent futures for June delivery experienced a minor decrease of 7 cents or 0.1%. Similarly,…

  • Business NewsOil Fuel Fund in Thailand faces 84.3 billion baht loss

    Oil Fuel Fund in Thailand faces 84.3 billion baht loss

    A confidential source from the Energy Ministry revealed that a meeting is scheduled this week to address the considerable loss of 84.3 billion baht (US$2.35 billion) incurred by the state Oil Fuel Fund due to its oil and gas subsidy programmes. Despite the substantial deficit, the fund’s financial status is deemed manageable. The discussion will be spearheaded by a subcommittee…

  • Business NewsRed Sea attacks reshape global oil market towards regionalisation

    Red Sea attacks reshape global oil market towards regionalisation

    The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…

  • Business NewsOil prices dip over 1% due to Saudi cuts and increased Opec production

    Oil prices dip over 1% due to Saudi cuts and increased Opec production

    Oil prices experienced a significant drop today, with a decrease of over 1% due to the substantial price reductions introduced by Saudi Arabia, a leading exporter, coupled with an increase in the Organization of the Petroleum Exporting Countries (OPEC) production. These factors successfully counterbalanced concerns about the growing geopolitical tension in the Middle East. During early trading, Brent crude saw…

  • Business NewsStar Petroleum predicts global oil price drop despite high energy demand

    Star Petroleum predicts global oil price drop despite high energy demand

    Star Petroleum Refining Plc predicts a decrease in global oil prices for the remainder of the year despite robust energy demand. The reduction in prices is anticipated due to a potential surplus among key oil producers, according to Sakchai Thamsuruk, the manager for supply and planning at the petroleum company. The global oil industry is closely observing Saudi Arabia and…

  • Business NewsIsraeli-Hamas conflict sparks fears of disruptions in global oil prices

    Israeli-Hamas conflict sparks fears of disruptions in global oil prices

    Price fluctuations in global crude oil have surged by 4% following the Israeli-Hamas conflict. This escalation in oil prices has sparked fears, especially among oil companies, as Montri Rawanchaikul, the Chief Executive of PTT Exploration and Production Plc (PTTEP), voiced worries that the conflict may lead to disruptions in petroleum production in the Middle East. Auttapol Rerkpiboon, CEO of PTT…

  • Business NewsGlobal stocks take a rollercoaster ride as investors chase ‘oil-usive’ recovery

    Global stocks take a rollercoaster ride as investors chase ‘oil-usive’ recovery

    Global stocks experienced a mixed performance yesterday, as investors sought recovery from the significant drop in the previous session, induced by a sharp dip in oil prices. The 10-year US Treasury note, which reached a 16-year high on Tuesday, experienced a retreat after a disappointing US recruitment report surfaced. Adam Sarhan of 50 Park Investments stated that investors are entering…

  • Business NewsFuel fund forecast: Thai govt keeps diesel prices low, faces a billion-baht burnout

    Fuel fund forecast: Thai govt keeps diesel prices low, faces a billion-baht burnout

    The Oil Fuel Fund Office (OFFO) projected a loss of nearly 100 billion baht due to the government’s decision to maintain domestic diesel prices below 30 baht a litre until December. This forecast assumes an increase in global diesel prices during the winter, a period typically marked by heightened energy demand. In 2022, the average global diesel prices for August…

  • Economy NewsPTT top revenue-earning company in Thailand in 2021

    PTT top revenue-earning company in Thailand in 2021

    In news that is likely not surprising but probably very frustrating, amid soaring fuel prices, petrol company PTT has topped the list as the highest revenue corporation in Thailand for 2021. The national oil and gas conglomerate breakdancing 1 trillion baht over the last year no doubt thanks in part to huge inflation in the price of oil that has…

  • Economy NewsPoll: 92% don’t earn more than their expenses, oil price main factor

    Poll: 92% don’t earn more than their expenses, oil price main factor

    A new poll revealed that over 90% of people are not earning more money than their expenses, and that, of all the expenses people are grappling with in the current economy, oil prices are the main factor they say has the greatest effect on their daily lives. The new poll, conducted by the National Institute of Development Administration, saw the…

  • Thailand NewsThailand to borrow 20 billion baht to maintain fuel subsidies

    Thailand to borrow 20 billion baht to maintain fuel subsidies

    The Office of Fuel Fund plans to borrow 20 billion baht to top up the country’s oil price subsidies as residents and different departments are being increasingly affected by the rising oil price. The fund is seeking inbound loans from the Government Saving Bank and Krungthai Bank. The details are expected to be clear at the end of this month.…

  • Business NewsThai airlines say recovery being held up by high fuel prices

    Thai airlines say recovery being held up by high fuel prices

    The head of commercial operations at Thai Lion Air says high oil prices continue to hinder recovery in the aviation sector. Nuntaporn Komonsittivate says that, while tourism is slowly improving since the easing of entry restrictions, airlines are still struggling. “The airline business has grappled with the pandemic for more than 2 years. Oil prices account for 30% of operational…

  • World NewsAsia News Today | Taiwanese army reserves on high alert

    Asia News Today | Taiwanese army reserves on high alert

    Hundreds of Taiwanese army reserves have carried out training exercises after a call from the Taiwanese president calling for “unity” as the island keeps an eye on China’s reaction to the invasion of Ukraine. Taiwan has kept its military reservists on high alert over the past year.About 400 personnel took part in target training and combat simulations yesterday in efforts…

  • Thailand video newsThailand News Update | Thai F-16 fighter crashed during a training session

    Thailand News Update | Thai F-16 fighter crashed during a training session

    The National Energy Policy Committee is meeting today to discuss Thailand’s soaring energy prices, including efforts to maintain the cap on diesel prices at below 30 baht a litre. Like the rest of the world, Thailand is suffering under a wave of inflation and high energy costs at the moment. Yesterday the Deputy PM and Energy Minister Supattanapong Punmeechaow said…

  • World NewsAsia News Today | Shares in Asia-Pacific decline & oil prices to surge

    Asia News Today | Shares in Asia-Pacific decline & oil prices to surge

    Shares in Asia-Pacific have declined in today’s trade as oil prices continue to surge, with the ongoing Russia-Ukraine war continuing to weigh heavily on investor sentiment. The Hang Seng led losses across the region, dropping more than 4% at one point before a small bounce back. Shares of HSBC plummeted 6%. China’s Shanghai composite shed 1.42% and the Shenzhen composite…

  • World NewsGovernment to discuss measures to mitigate economic fallout from Russian invasion of Ukraine

    Government to discuss measures to mitigate economic fallout from Russian invasion of Ukraine

    The Thai Cabinet meets later today to discuss a number of measures aimed at mitigating the fallout from Russia’s invasion of Ukraine, according to a Bangkok Post report. Government spokesman Thanakorn Wangboonkongchana says PM Prayut Chan-o-cha will meet with officials to discuss the impact on the economy, in particular on global energy prices and instabilities in the equity and cryptocurrency…

  • World NewsAsia News Today | Asian stocks sink over Russian incursion, China ramps up microchip production

    Asia News Today | Asian stocks sink over Russian incursion, China ramps up microchip production

    Russian President Vladimir Putin has formally recognised two breakaway regions in eastern Ukraine as independent. He’s used this diplomatic word-play as a reason to order the Russian army to launch a so-called peacekeeping mission into the area. His actions are a significant ramping up of diplomatic tensions in the ongoing Russian/Ukraine crisis.The president has ordered his defence officials to deploy…