PTT sees the global oil price hitting US$100 per barrel (Bt3,200) in five to 10 years due to rising oil production costs.
Attapol Rerkpibool, PTT's executive vice president for communications and social affairs, said yesterday that Dubai crude is expected to stagnate at $75-$80 per barrel this year, due to lingering global economic problems that dampen demand.
But global oil demand in the long run would rise. Demand this year is 86.4 million barrels per day, up from 84.8 million last year. It is expected to jump to 104.2 million barrels per day in 20 years.
Oil sources with low product costs would decline in number, which will prompt oil-makers to seek new crude sources to serve rising demand and this would drive up oil production costs.
Global energy consumption is expected to double in 40 years when coal and renewable energy will play a greater role. Currently oil and natural gas are the world's main energy sources.
Two-thirds of the world's oil reserves are in the Middle East, which are estimated to last 40 years. Global coal reserves are estimated to be enough for 133 years. Clean coal technology is needed in order to make coal energy much more environmentally friendly.
Thailand consumes energy equivalent to 1.7 million barrels per day.