Thailand's oil consumption expected to slightly increase in 2014

BANGKOK, August 15 (TNA) - Thaioil Public Company Limited, Thailand's largest oil refinery firm, has predicted that domestic oil consumption should slightly increase, by 1-2 per cent on average, in 2014. Thaioil Chief Executive Officer (CEO) Weerasak Kositpaisan explained on Friday that Thailand's economic slowdown in the first half of this year caused the domestic oil consumption to rise by only 0.3 per cent during the first six months of this year, but he expected higher consumption in the second half of this year due to more stable domestic politics and economic stimulus. Weerasak also projected that the Dubai crude price should stand at around 105.3 US dollars per barrel on average in the second half of this year, reasoning although unrest happened in many global regions, the Dubai crude price was capped by soaring production outside the Organization of the Petroleum Exporting Countries (OPEC). Meanwhile, the Ministry of Commerce reported that Thailand's consumer confidence index (CCI) made a new high in 15 months in July 2014, standing at 41.4 from 38.4 in June, as people expected the army-led National Council for Peace and Order (NCPO) should further boost the national economy. But Ampawan Pichalai, Director of the ministry's Trade Policy and Strategy Office, said a latest survey on 3,343 consumers nationwide showed that people remained concerned over the costs of living. According to the senior official, the latest survey also found that local consumers also expected better income in the next three months, thanks to economic stimulus measures introduced by the NCPO. (TNA)