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Thailand Orders Suspension of Oil Exports
(MENAFN) Thailand's Ministry of Energy has ordered an immediate freeze on oil exports following Iran's closure of the critical Strait of Hormuz, Energy Minister Auttapol Rerkpiboon announced Sunday, as Bangkok moves swiftly to protect domestic fuel supplies amid deepening regional instability.
An emergency energy monitoring center has been activated to track developments across the Middle East in real time and gauge the potential economic fallout for Thailand, the ministry confirmed.
Minister Auttapol directed relevant government agencies to closely monitor the impact on national oil reserves and pricing, while simultaneously developing both short- and long-term contingency strategies. Among the immediate measures, authorities will tap the country's oil fund to subsidize domestic fuel prices — a move aimed at cushioning consumers from the shock of surging global energy costs.
To further shore up energy security, the ministry has announced plans to ramp up natural gas production in the Gulf of Thailand and push back scheduled maintenance at existing gas fields. Coal-fired and hydropower plants have been placed on full operational capacity as part of a broader effort to guarantee a stable national energy supply.
Despite the mounting global pressure, Auttapol assured the public that Thailand's domestic oil stockpiles remain intact and have not yet been impacted by the regional crisis — though citizens are being urged to conserve energy as a precautionary measure.
Official figures paint a reassuring near-term picture: as of Sunday, Thailand holds approximately 4.877 billion liters of crude oil and refined products — enough to sustain roughly 38 days of domestic demand. When oil in transit and supplementary sources are factored in, total reserves climb to an estimated 7.660 billion liters, extending coverage to approximately 60 days of national consumption.
An emergency energy monitoring center has been activated to track developments across the Middle East in real time and gauge the potential economic fallout for Thailand, the ministry confirmed.
Minister Auttapol directed relevant government agencies to closely monitor the impact on national oil reserves and pricing, while simultaneously developing both short- and long-term contingency strategies. Among the immediate measures, authorities will tap the country's oil fund to subsidize domestic fuel prices — a move aimed at cushioning consumers from the shock of surging global energy costs.
To further shore up energy security, the ministry has announced plans to ramp up natural gas production in the Gulf of Thailand and push back scheduled maintenance at existing gas fields. Coal-fired and hydropower plants have been placed on full operational capacity as part of a broader effort to guarantee a stable national energy supply.
Despite the mounting global pressure, Auttapol assured the public that Thailand's domestic oil stockpiles remain intact and have not yet been impacted by the regional crisis — though citizens are being urged to conserve energy as a precautionary measure.
Official figures paint a reassuring near-term picture: as of Sunday, Thailand holds approximately 4.877 billion liters of crude oil and refined products — enough to sustain roughly 38 days of domestic demand. When oil in transit and supplementary sources are factored in, total reserves climb to an estimated 7.660 billion liters, extending coverage to approximately 60 days of national consumption.
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