That was slightly higher than the PRISM average oil price forecast of $50-55 a barrel in 2017, which was based on the assumption of global economic growth of 3.6%. Sukrit Surabotsopon, president of IRPC Plc, the petrochemical business arm of PTT Plc, said it also projects the same picture of a rising global economy and strong demand next year. That would mean a certain amount of oil surplus from non-Opec countries next year. Auttapol Rerkpiboon, PTT's chief operating officer for downstream petroleum business, said PTT expects oil demand next year would grow by 1-2%, similar to its prediction of a 1.5% uptick this year. That would push the domestic retail oil price to rise slightly next year, he said.

Source: Bangkok Post October 31, 2017 21:11 UTC