thailand8217s current oil

Thailand’s Current Oil Reserves Will Last 61 Days, Energy Ministry Confirms

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BANGKOK — Thailand currently holds oil reserves sufficient to meet domestic demand for 61 days, according to an announcement from the Energy Ministry on Sunday, as officials closely monitor the escalating conflict in the Middle East and its potential impact on global energy supplies, Thai PBS reported.

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Veerapat Kiatfuengfoo, deputy permanent secretary of the Energy Ministry, reported that Thailand has reserves of 4.925 billion litres of crude oil and finished oil products available within the country, which can meet domestic demand for 38 days under normal consumption patterns.

In addition to these on-hand reserves, the ministry confirmed that another 1.746 billion litres of crude oil are currently aboard tankers that have already passed through the Strait of Hormuz and are en route to Thailand. A further 1.124 billion litres of crude from other sources are also in transit, bringing the total strategic reserves to 6.795 billion litres — sufficient to meet domestic demand for 61 days.

LNG Shipments En Route

Regarding natural gas supplies, Veerapat stated that liquefied natural gas (LNG) cargoes for March are aboard four tankers heading toward Thailand. Two of these vessels have already successfully passed through the Strait of Hormuz, the narrow and strategically vital waterway between Iran and the United Arab Emirates that has become a focal point of concern as regional tensions escalate.

Strait of Hormuz Concerns

The deputy permanent secretary acknowledged that the ongoing war in the Middle East could potentially tempt Iran to attempt blocking the Strait of Hormuz, a scenario that would have immediate and severe consequences for global oil and gas prices. The strait is a critical chokepoint through which approximately one-fifth of the world’s oil consumption passes, making any disruption a matter of global economic concern.

Monitoring and Mitigation

Veerapat confirmed that the Energy Ministry is monitoring the situation in Iran closely and has already implemented preemptive measures to mitigate the impact should Iran take action affecting the strait. These measures are designed to ensure continued energy security for Thailand despite potential disruptions to global supply chains.

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The ministry’s proactive stance reflects the government’s broader concern about the economic implications of the Middle East conflict, which Prime Minister Anutin Charnvirakul has acknowledged could send tremors through both global and Thai economies. As the conflict intensifies, energy security has become a top priority for Thai authorities working to protect the nation’s economic stability and recovery.

-Thailand News (TN)

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