Weak oil demand in Thailand

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 Thailand’s Department of Energy Business. Director-General Peerapol Sakarin said consumption of all types of fuel in January averaged 19.3 million liters per day, down from 21.4 million liters a year earlier, and also down 8.9% from 21.1 million liters in December. Diesel fuel consumption averaged 50 million liters per day, down 9.7% year-on-year and 9.5% from the previous month. According to department, petrol use in January was the lowest volume since September 2008, when world crude oil prices were at a record of US$147 a barrel. (February 11, 2010)