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Thailand braces for impact of soaring oil prices following drone attacks on Saudi oil facilities, Energy Ministry says

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I saw on several news channels that Saudi A. had already restored production. If that is the case, will we see "soaring oil prices" anyway?

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Hmm, what does the Energy Ministry know

 

Quote :

BANGKOK (Reuters) - Thailand expects little impact from surging oil prices on its inflation rate and exports following attacks on Saudi oil facilities, a commerce ministry official said on Monday.

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40 minutes ago, pizzachang said:

I saw on several news channels that Saudi A. had already restored production. If that is the case, will we see "soaring oil prices" anyway?

Already happened. From a UK financial broker email update late last night -

Quote

In parallel, front month Brent crude oil futures on ICE came off their 200-week moving average, jumping by 10.88% to $67.56 a barrel after surging by nearly 20% at the start of trading.

From https://www.bbc.com/news/world-middle-east-49721301

Quote

The knock-on effect was a 5% cut in global oil supplies and soaring prices.

Experts say it could take weeks before the facilities are fully functioning again.

 

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49 minutes ago, pizzachang said:

I saw on several news channels that Saudi A. had already restored production. If that is the case, will we see "soaring oil prices" anyway?

I'm sure you will witness profiteering... 

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1 hour ago, pizzachang said:

I saw on several news channels that Saudi A. had already restored production. If that is the case, will we see "soaring oil prices" anyway?

The Saudi's were hoping to restore one third of lost production but it will take weeks/months to restore full production. So price hikes are on the cards.

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I have no idea anymore what affects the THB or NOK, nothing's like it used to be, but whatever it is, if it makes the Baht drop and the NOK jump, I will be happy. 

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Perhaps the Energy Ministry foresaw the terrorist attack on Saudi oil production.  It could explain the ongoing Baht appreciation...

Just kidding, to you Baht apologists.  But go ahead and attack, if you wish...

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3 minutes ago, HOAX said:

I have no idea anymore what affects the THB or NOK, nothing's like it used to be, but whatever it is, if it makes the Baht drop and the NOK jump, I will be happy. 

Nah. Baht will get stronger. Always does.

 

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5 minutes ago, overherebc said:

Nah. Baht will get stronger. Always does.

 

I'm pretty sure you're correct.. for now.

 

But it has to turn around at some point. Things in Norway has been going very good for a while already now (despite the EU, UK and US/China situations) with the only exception being the weak Norwegian Kroner, while Thailand has a far more vulnerable and unstable economy and gov't. So as I see it its just a matter of time. Lets just hope it doesn't drag on too long.

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2 hours ago, pizzachang said:

I saw on several news channels that Saudi A. had already restored production. If that is the case, will we see "soaring oil prices" anyway?

depends..on definition of SOARING....

does it mean, here, that petrol could go up by 1 baht???

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1 hour ago, HHTel said:

The Saudi's were hoping to restore one third of lost production but it will take weeks/months to restore full production. So price hikes are on the cards.

But after yesterday's jump, spot oil prices are down today 1.5%

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1 hour ago, HOAX said:

I'm pretty sure you're correct.. for now.

 

But it has to turn around at some point. Things in Norway has been going very good for a while already now (despite the EU, UK and US/China situations) with the only exception being the weak Norwegian Kroner, while Thailand has a far more vulnerable and unstable economy and gov't. So as I see it its just a matter of time. Lets just hope it doesn't drag on too long.

I get paid in THB so I'm all for a strong Baht.  Why would you expect it to weaken?  Big Mac index suggests otherwise.  Thailand has a large current account surplus (unlike the US, UK).  Its budget deficit is mild.  The economy is growing faster than most western ones.

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There have been three government announcements re oil prices.

1. There will be no impact on Thailand with the cut in Saudi oil production. (yesterday)

2. There will be minimal impact on Thailand with the oil crisis in Saudi Arabia. (earlier today)

3. Thailand braces for impact of soaring oil prices. (just now)

 

Really, this government is so hopelessly uncoordinated it can't even get their stories lined up. And that comes back to poor leadership.

 

Edited by Cadbury
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And I read something from ThaiVisa over the last day or two of how the attacks would in no way affect oil prices. 5555!

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