A few days ago, we learned that :
Oil consumption in January dropped almost 10% compared to the same period last year and a month earlier, due to consumers’ lack of confidence, according to the Department of Energy Business. (my article here).
The EPPO (Energy Policy and Planning Office, Ministry of Energy) has published data for november and december. And indeed we can see a nasty trend at the end of the year, after a “Green Shoot” in september.
As I wrote (many times) : oil, energy if you prefer, doesn’t lie. Particularly for countries like Thailand.
When you see that diesel consumption is going down, then it’s a serious red alarm. Because, the internal and external trade (from agriculture to industry) is based mainly on trucks, and sea freight.
Let’s start with imports of oil :
Next, the most important : net imports (Thailand does export oil, so we look at imports minus exports to get the real domestic demand)
In december, net imports were at 400 000 barrels per day. Look at the yellow line… It’s a low level.
[next chart, we’ll look at diesel, gasoline and LPG consumption]