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Piyasvasti: Oil at $60-$70 here to stay at least until 2011.
Byline: Yuthana Praiwan
Oct. 5--World crude oil prices are expected to hover around US$60-70 a barrel until at least 2011, says Piyasvasti Amranand, the chairman of Kasikorn Asset Management.
While new crude sources are still being explored, no actual production can take place, said the former head of the National Energy Policy Organisation. Meanwhile, consumption keeps growing around the world, he said at a seminar yesterday.
The surplus of existing crude production capacity has gradually declined to only two million barrels per day from 4-5 million barrels late last year.
It is also unlikely that new refineries will be built in the ...
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