Energy Min to Closely Follow Middle East Conflict

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BANGKOK (NNT) - Although the ongoing conflict between Israel and Hamas does not directly affect Thailand, there are growing concerns regarding global energy prices, given the turmoil in the major energy-producing and exporting Middle East region.

 

Permanent Secretary for Energy Prasert Sinsukprasert issued the statement, highlighting that the Kingdom does not import fuel or liquefied natural gas (LNG) from either Israel or Palestine.

 

Thailand primarily imports crude oil from other Middle East countries, accounting for about 57%, and LNG from various nations, roughly 33%. Nevertheless, the Ministry of Energy is closely monitoring the situation to assess and prepare for any escalation.

 

Currently, Thailand’s energy reserves include 3.91 billion liters of crude oil, 1.63 billion liters in transit, and 2.18 billion liters of refined oil, equating to more than two months of fuel reserves. This comprises 33 days of crude oil, 14 days in transit, and 20 days of refined oil. Household LPG reserves stand at 21 days.

 

Prasert highlighted that the primary concern remains the potential rise in global energy prices due to the situation in the Middle East, which might push prices higher if tensions persist or escalate.

 

Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, advised businesses involved in trade with Middle Eastern countries to stay updated and manage potential risks.

 

However, he believes the impact on trade between Thailand and Israel will be minimal. From January to August of 2023, the trade value was approximately 856.84 million US dollars or 31.78 billion baht, expected to reach around 40 billion baht for the year, representing 0.2-0.3% of Thailand’s global trade.

 

by Tanakorn Sangiam

 

Soyrce: NNT 2023-10-10

 

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[TheFishman1]

I think he’s crying Wolf just to raise the prices. I don’t think the conflict in Isreal has anything to do with the price of fuel TIT.

[Andycoops]

Wow, such diligence but of course totally useless.

More Muppetry to get a headline...