World Economic and Petroleum Outlook for 2012
PTT Public Company Limited
Annual Report 2011
Petroleum and Petrochemical Outlook
The 2012 global demand for oil is expected to increase by 1.0 million barrels a day to 90.0 million barrels a day, according World Economic Outlook to IEA’s report in January 2012. The additional demand will The 2012 world economy is expected to grow at a slower come from the developing and emerging economies, while pace from that of 2011. The IMF’s forecast set sight on a the demand from developed countries is likely to fall. The 3.3% growth rate in 2012, a drop from 3.8% in 2011. The ]{|] – „ economic growth for developing and emerging economies, ‹ œž|{{�||{ particularly that of China, is set to slow down. This was due depression in Europe is however caused recession which in to the global economic contraction in the governmental turn affects world economic growth. Other crucail aspects interventions to lower tension property market and also easing for instance the increased quota of oil production from OPEC bad debts in the commercial banking sector. Developed countries to 30 million barrels a day, and the restoration of Libya's oil will continue to be dominated by a sluggish and uncertain production after the political unrest, as well as the extra economy. The US will continue facing high unemployment supply from Non-OPEC countries, including the US, Canada, > „ China, Brazil, and the former Soviet Union, are the factors remain an issue due to differences in budget cut policies. „ Extreme public debts and loan payment failures in Europe supply disruption from Iran's boycott reaction to the Eastern will continue and could escalate to other larger economies, Bloc countries anc allies, the US troop withdrawal from Iraq, Q and the political unrest in MENA could push the global oil markets. Moreover, variouus European countries have to pace with severe buddget cuts which lead to economic contraction. & Nevertheless, US economic indicators have started to show ^�\ ‹ œ positive signs in early 2012. Meanwhile, the Chinese government 2012. It shows a slight drop from that of this year due to the has recently implemented an economic stimulation program „ & economic contraction. latest developments could steer global economic growth higher than expected.