National oil and gas conglomerate PTT Plc still sees a chance of global oil prices cooling down if the Russia-Ukraine clash is not protracted and Iran can export more oil.
The situation will get better if talks between Russia and Ukraine in Belarus pave the way for a peaceful solution.
Also, if the US lifts more sanctions against Iran, there may be additional oil supply from the Middle Eastern country, said Auttapol Rerkpiboon, chief executive of PTT.
"PTT expects global oil prices to go down as a result of these two factors," he said.
"The prices can also drop if oil refineries in many countries increase their production capacity to strike a balance between oil demand and supply."
The company expects the global oil prices to stand between US$81 and $86 per barrel on average this year, up from $69.2 a barrel last year.
PTT is closely monitoring the Russia-Ukraine conflict and will adjust its oil and gas business in response to the changing situation.
"We are trying to better manage our oil supply to help the government ensure national energy security," said Mr Auttapol.
The company buys oil and gas from many countries, including Russia, but Russia is not its major oil and gas trader.
During the ongoing global oil price surge, it suggested transport and factory operators adopt energy saving programmes. If the operators can reduce diesel usage by 10%, they can save money by three baht a litre.
PTT on Tuesday announced it plans to allocate a five-year investment budget worth 940 billion for companies under its umbrella during 2022-26.
"The money will be spent on projects in oil, gas as well as its new businesses," said Mr Auttapol.
A large portion of the budget worth 238 billion baht will support power business as well as projects related to life sciences, medical devices and nutrition.