Thailand's Energy Minister Says Lower Oil Prices Suit Southeast Asian Nation

Thailand is satisfied with the dropping oil prices, currently valued at around $70 dollars per barrel, since it believes this situation to be suitable for the country, Energy Minister Siri Jirapongphan told Sputnik on Wednesday.

ABU DHABI (UrduPoint News / Sputnik - 14th November, 2018) Thailand is satisfied with the dropping oil prices, currently valued at around $70 Dollars per barrel, since it believes this situation to be suitable for the country, Energy Minister Siri Jirapongphan told Sputnik on Wednesday.

Earlier in the day, oil prices went down by almost $3 to approximately $67 per barrel, continuing a month-long drop in value amid shrinking demand and ample supply on the market.

"Not too expensive price of oil suits us � $67 [per barrel], yes. Anything that is plus-minus $70 [per barrel], that will be OK. We have learned to live with that [price range]," Jirapongphan said on the sidelines of the ADIPEC conference in Abu Dhabi, asked whether the continued decline in oil prices over the previous month had been negatively affecting Thailand.

According to the market data, on Wednesday the price of Brent crude oil fell below the mark of $65 per barrel for the first time since March 16.

The International Energy Agency (IEA) projected in its World Energy Outlook 2018 report earlier this week that oil prices would hit $88 per barrel in 2025. According to the outlook of the International Energy Agency's (IEA), the growth of global oil demand is estimated at about 1.3 million barrels per day this year and 1.4 million barrels per day in 2019.

The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) opened its doors on Monday and will last through Thursday.