BANGKOK – A recent geopolitical crisis has raised concerns in the global oil market. The Ministry of Energy has prepared measures to handle the situation in the form of oil reserves and pricing measures to minimize any potential effects on the general public.
The Minister of Energy SonthiratSontijirawong has revealed measures, prepared by government agencies, to address global energy concerns. The Department of Mineral Fuels will first ask companies to halt crude oil exports, which will retain 25,000 barrels of crude oil in the country each day.
He said, in cases of emergency, the national crude oil production capacity can increase to 36,000 barrels daily, during which time all domestic refineries will be asked to find technical solutions to use crude oil only from domestic stocks. The current national crude oil consumption for fuel production is some 130,000 barrel daily.
Pricing measures have also been prepared to minimize the effects on the general public. The current global oil price at 69.5 U.S. dollar per barrel has no effect on retail prices in Thailand. The Energy Ministry will be activating support mechanisms from the oil fund should the global oil price reach 80 U.S. dollar per barrel. The fund currently holds 37 billion baht.
As of 5 January, 1.468 billion liters of refined oil product are available in Thailand, along with 2.988 billion liters of crude oil in reserve, and 1.144 billion liters currently in transit. This availability can supply the country’s demands for 50 days. The country currently has 101 million kilograms of LPG in reserve, which should last for 17 days, for household consumption. The Ministry of Energy is sure that the current measures will ensure continuous fuel availability.
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