Energy crisis will continue for 2 years says Bangkok Bank VP

The Russia-Ukraine conflict continues to be a political football as energy prices rise throughout the world.

Russia is the world’s second highest exporter of crude oil after Saudi Arabia and accounts for around 10% of global petroleum production.

International Energy Agency figures for December 2021 reveal the former Soviet state’s oil exports were 7.8 million barrels a day. But since the European Union decided to ban all oil imports from Russia because of its invasion of Ukraine, energy prices have risen throughout the world.

The Senior Executive Vice-President of Bangkok Bank, Kobsak Pootrakool, says he does not expect this to change in the next couple of years and called for the government to subsidise the rising costs of oil on consumers rather than extending the “Khon La Khrueng” co-payment subsidy scheme and the “We Travel Together” hotel subsidy scheme.

“The…