No impact yet on PTT's imports from attack on Saudi oil facility: Sontirat

[webfact]

No impact yet on PTT's imports from attack on Saudi oil facility: Sontirat

By ThE NATION

 

Sontirat

 

Energy Minister Sontirat Sontijirawong said that Saturday's drone attacks on two major oil-processing facilities run by Saudi Arabia's state-owned firm Aramco would not affect oil imports of the PTT group.

 

He added that he had learnt from Aramco and related parties that the situation there was under control and the damage was being assessed. The incident would not affect the oil depots, which supply crude oil to Thailand's oil and gas conglomerate PTT, the minister added.

 

The ministry is keeping itself abreast of the situation and has already devised a back-up plan. He assured that the country had sufficient supply for the short-term if the attack led to severe impact on Saudi Arabia's oil exports.

 

Last week the ministry asked six refineries nationwide to start reporting their reserves, production, and oil purchases on a daily basis, from the previous practice of monthly reports, in a move to prevent oil supply shortage.

 

It added that the country's oil reserves were enough for 30 to 45 days if there was a supply shortage.

 

The drone attack reportedly cut Saudi Arabia's output by around 5.7 million barrels per day or 5 per cent of the total global oil production.

 

Anusorn Thammajai, director of Rangsit University's Institute of Economics, warned that if Saudi Arabia counterattacked, the situation could worsen and that would put pressure on global and Thailand's oil price, Anusorn said.

 

The global oil price could jump by between US$5 and $10 per barrel next week. If the baht remains strong, this could assuage the impact from the pressure on local retail oil price to a certain degree.

 

If the drone attack led to a prolonged military action, this might affect global oil supply and result in protracted high oil price. If so this would exacerbate the ailing global economy, he warned.

 

Source: https://www.nationthailand.com/business/30376219

 

-- © Copyright The Nation Thailand 2019-09-16

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[Chang_paarp]

This is a case of "Look at me I am being Relevant".

Given that there are stores of oil and other products and that it takes a week or more for the supply chain to get to Thailand, It would have been better to hold the comment till the working week after consulting with the relevant folk when they had time to assess their situation and had a chance to look at options to keep supply happening, not just react to the reduced output of a supplier.

[Oziex1]

Teflon Thailand escapes the ravages of the outside world, again. 

[legend49]

Pathetic response.

[stigar]

9 minutes ago, legend49 said:

Pathetic response.

oilprice raise 7 $ allready 

[sammieuk1]

We all know what anyone's says here is the opposite of what happens expect a price rise and it will impact imports there is no backup plan????

[ttrd]

23 minutes ago, stigar said:

oilprice raise 7 $ allready 

 

Both crude (wti) and brent has been up near 20% and both are currently up above 10% … 

 

https://www.investing.com/commodities/crude-oil-streaming-chart

https://markets.businessinsider.com/commodities/oil-price

 

[ttrd]

4 hours ago, Chang_paarp said:

This is a case of "Look at me I am being Relevant".

Given that there are stores of oil and other products and that it takes a week or more for the supply chain to get to Thailand, It would have been better to hold the comment till the working week after consulting with the relevant folk when they had time to assess their situation and had a chance to look at options to keep supply happening, not just react to the reduced output of a supplier.

At least had patient enough throughout the day to see if Saudi will manage to restart the prod of 2m/b from the 5,7m lost as announced. Anywhow - Saudis reserves containing approx 200m/b and USA crisis depot containing approx 645m/b so this alone will compensate for the loss over a period of 5 months without the announced restart and about 8 months with restart of 2m in addition other producers (inside or outside OPEC) have both the possibility and time enough to increase their production - With other Words, this alone will not negatively affect the supply nor Thailands import - if we disregard the psychological aspect which will trig the oil price until the market are convinced that the Production fully will recover - which it will - as always … 

 

Hopefully the political climate will remain controlled and not escalate out of proportions which remain to see … ????

 

[miamiman123]

We shall see! 

[shackleton]

well we all know what happens here 

when the price of oil drops it takes ages for the punter to get the benefit 

talking the UK here last week it was reported Tesco and other big supermarket chains were dropping the price of a litre by 3 pence this week

lets see what happens now wont take long for a increase at the pumps

 

[RichardColeman]

Personally I think there is a chance that Thailand will declare war over it. Imagine a nation of angry Thai men unable to drive their pick-ups !

[spidermike007]

Just give it a week. I have never seen the PTT overlook an opportunity to raise prices at the pump. The rest is just junk talk, by small people who mean nothing to anyone. 

[PatOngo]

21 minutes ago, RichardColeman said:

Personally I think there is a chance that Thailand will declare war over it. Imagine a nation of angry Thai men unable to drive their pick-ups !

….....or race their souped up Honda Dreams!

[NCC1701A]

i had better go fill up my Honda Click before prices shoot up.

[Shiver]

5% of world supply temporarily lost (spot price not futures price) so price goes up 20%.

 

It's been a few decades since I traded commodities, but even a 4 year old could earn a mortgage out of that distortion.

[M71]

So Israel sent the drones in to bomb Saudi oil fields, blamed Iran to get the US military to start a war with Iran at the expense of US and Iranian lives to bring about the greater Israel project. The same old same old - is there anyone out there not awake to this same lies and deception yet?

[rkidlad]

What on earth is this asshat talking about? 

[Caine]

5 hours ago, RichardColeman said:

Personally I think there is a chance that Thailand will declare war over it. Imagine a nation of angry Thai men unable to drive their pick-ups !

They’d send the women in first 

[Derek B]

7 hours ago, shackleton said:

well we all know what happens here 

when the price of oil drops it takes ages for the punter to get the benefit 

talking the UK here last week it was reported Tesco and other big supermarket chains were dropping the price of a litre by 3 pence this week

lets see what happens now wont take long for a increase at the pumps

 

Exactly all petrol/diesel retailers are quick to raise prices & much slower to lower them when crude oil prices fluctuate. 

 

[Cake Monster]

The attacks were only 24 hours ago. Unless PTT contract the fastest VLCC ships in the World, there will be no impact for at least a week.

[metisdead]

A troll post has been removed. 

[sfokevin]

I’m surprised he didn’t tell us that oil imports from this Sunday are up 5.8% from Sunday of last year... 

[Bundooman]

9 hours ago, RichardColeman said:

Personally I think there is a chance that Thailand will declare war over it. Imagine a nation of angry Thai men unable to drive their pick-ups !

All the new military toys are likely to be disrupted as well. That means the 200 litres per month per unit will be reduced. Thank heavens its not Children's' Day soon...….

[Fred white]

11 hours ago, shackleton said:

well we all know what happens here 

when the price of oil drops it takes ages for the punter to get the benefit 

talking the UK here last week it was reported Tesco and other big supermarket chains were dropping the price of a litre by 3 pence this week

lets see what happens now wont take long for a increase at the pumps

 

It's the same in the US something will happen gas prices go up over night then take days or weeks to go back down