Energy Ministry develops contingency plan in case Israeli-Hamas war intensifies

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Thailand’s Energy Permanent Secretary Prasert Sinsukprasert is scheduled to hold a meeting with relevant agencies on Thursday to issue contingency plans to cope with fluctuations in global oil prices, in the light of the ongoing war between Israel and Hamas.

 

Prasert reportedly said he that is concerned that global oil prices will be affected if the war intensifies or drags on, as he urged the public to understand the situation and to use energy sparingly.

 

Meanwhile, Wattanapong Kurovat, director-general of the Office of Energy Policy and Planning, said that he expects global prices of crude oil to increase, but only for the short term, citing reports of possible peace negotiations between Israel and Hamas.

 

Crude oil prices have recently rebounded, after falling for several months due to concerns over higher interest rates which may impact demand.

 

Full story: Thai PBS 2023-10-11

 

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[Srikcir]

"Will the war in Israel affect energy prices?

Industry watchers expect prices at domestic gas pumps to continue going down this month, barring any escalation in the conflict that could threaten oil shipments."

https://www.nbcnews.com › business

 

"Israel has become self-sufficient on natural gas and has been exporting it for years. Gas production has grown significantly, creating export deals with its Middle Eastern partners and helping it move away from a dependence on coal."

https://finance.yahoo.com › news

 

Mike Rothman, president and founder of Cornerstone Analytics, told Al Jazeera,

"he also does not expect the conflict to impact global demand and OPEC production in the longer term, although other factors such as declining oil inventories elsewhere in the world could affect prices."  Oct. 10, 2023

Aljezerra.com

 

As sometime said, "doing nothing" can be a plan.

Thank you Energy Ministry.