1) Thai stock market overview
Thailand’s SET Index closed at 1,592.67 points, decreased 4.43 points or 0.28% with a trading value of 44 billion baht. The analyst stated that the Thai stock market traded lower on the last trading day of this week before closing for a long holiday as investors tried to lower the risk that could happen in the next two days, especially after the report of U.S. inflation tonight. The market also traded with negative sentiment after the IMF trimmed global GDP forecast.
2) EIA lifts U.S. and global oil price projections after OPEC+ production cuts
The U.S. Energy Information Administration (EIA) revised its projections for U.S. and international benchmark oil prices in 2023 and 2024 upward in its monthly report released on Tuesday, citing the decision by OPEC and its allies to cut production by 1.6 million barrels per day as the main cause.
The EIA now predicts that Brent crude will average $85.01 per barrel this year, up 2.5% from its prior projection, and that the global benchmark would likely average $81.21 per barrel in 2024, up 4.7% from its earlier forecast. The U.S. energy body also raised their pricing forecasts for West Texas Intermediate crude by 2.8% this year to $79.24 and by 5.1% next year to $75.21.
The revision came after OPEC and its allies, including Russia, referred to altogether as OPEC+, announced crude-oil production cuts for 2023. Despite the large reduction in output from OPEC+, EIA Administrator Joe DeCarolis has stated, “we expect growing global production —especially in North and South America— to offset those cuts.”
Growth in non-OPEC countries is expected to drive global liquid fuel production up by 1.5 million b/d in 2023 to 101.3 million b/d, followed by another 1.1 million b/d to 103.3 million b/d in 2024, according to the EIA.
Recent volatility in the US and European banking sector, the EIA stated, might contribute to weaker-than-anticipated demand growth, which could lead to lower oil prices than predicted.
3) Wind and solar power generate a record 12% of global electricity in 2022
Wind and solar reached a record 12% of global electricity in 2022, according to an independent energy think tank Ember’s latest report, reflecting a boom in renewable energy that researchers believe could signal the “beginning of the end of the fossil age.”
In 2022, 12% of the world’s energy was generated by solar and wind, up from 10% in 2021, said an analysis published on Wednesday by Ember.
The research found that solar was the fastest-growing electricity source for the 18th year running, with yearly growth of 24%, while wind generation grew by 17%.
Together, all clean electricity sources (renewables and nuclear) reached 39% of global electricity in 2022, a new record high.
