PTT Expects Oil Price to Stabilize at $50 despite Biden’s Renewable-Energy Campaign

Mr. Auttapol Rerkpiboon, President and Chief Executive Officer of PTT Public Company Limited (PTT), maintained his forecast on Dubai crude oil to average around $50 per barrel in 2021 after the inauguration of Joe Biden that is expected to move on with his campaign in promoting renewable energy, which would lower the demand in crude oil and shale.

 

Nevertheless, Mr. Rerkpiboon expected more stability unlike the year before in response to the positive factor on the coronavirus vaccine, while the Organization of the Petroleum Exporting Countries and allies (OPEC+) mostly maintained their output to stabilize oil prices and the global economy started to recover gradually. However, the coronavirus outbreak situation needed to be monitored closely.