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 Russia’s decision on whether to cut crude oil supply by 1.3 million barrels daily. Should they opt against this, a surplus would flood the global market. Despite the traditionally high oil demand during winter for heating purposes, Thamsuruk believes this year’s demand will not surpass supply.
Geopolitical tensions, such as the Israel-Hamas conflict, while not in the vicinity of major oil sources, could disrupt oil transportation near the contentious Gaza area. Additionally,…
