It’s the never ending party in Thailand. After a drop of 30 % in november… the imports of oil increased in december and in january… but are still lower (-9 %) compared to january 2008, at 816 000 barrels per day (829 000 bpd in december).
Hopefully prices of oil crashed… in january the average was 44,27 USD… the 135 USD per barrel last july seem so far away, isn’t it ?
But because Thailand exports oil too, we need to have a look at the net imports (imports minus exports).
We were at 575 000 barrels per day in january… a decrease of 11,7 % compared to january 2008.
Is the recession start to take a hit on the oil consumption ? I will believe It when I will see it. The car obsession is so strong in Thailand, that I’m sure it’s going to be a very lagging recession indicator !
Anyway, there will be a sign : diesel.
With the recession, the crash of trade… diesel consumption will go down.