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OPEC Cuts Not Expected to Hurt Thailand's Oil Industry.
Byline: Yuthana Praiwan
Apr. 2--Local oil companies have played down the potential impact of a decision by the Organisation of Petroleum Exporting Countries (Opec) to cut production, saying that global oil prices are unlikely to change dramatically in the near future.
Opec decided yesterday to cut oil output by almost 4 percent, amounting to roughly one million barrels a day, starting immediately.
Manoon Siriwan, senior vice-president of Bangchak Petroleum Plc, said the global oil market had been expecting such a decision from Opec for some time. Traders had already compensated for the anticipated decreased output by building up advance orders, ...
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Source: HighBeam Research, OPEC Cuts Not Expected to Hurt Thailand's Oil Industry.