October 8, 20241 yr The Ministry of Energy has assured the Thai public of the country's solid oil reserves amidst growing tensions in the Middle East. With concerns mounting over the conflict between Israel and Iran possibly affecting oil supplies, Thailand boasts enough reserves to last over 60 days. Weerapat Kiatfuengfu, the Deputy Permanent Secretary and spokesperson for the Ministry, stated that they are meticulously monitoring the situation. This vigilance stems from fears that the conflict could disrupt oil exports, causing price hikes globally. Currently, Thailand holds about 3,365 million litres of crude oil, covering 26 days' worth of consumption. Added to this, there are 2,055 million litres of crude oil in transit, good for 16 days, alongside 2,414 million litres of refined oil, providing an additional 20 days of coverage. Weerapat noted that the Ministry is equipped to stabilise domestic oil prices using the Oil Fuel Fund, which has seen improved liquidity, thus reinforcing the country's preparedness against potential oil shortages and volatile price swings. Thailand recently conducted emergency response drills, coordinating with relevant sectors to mitigate any potential impacts of an energy crisis. These efforts underscore the government's commitment to shielding the public from the conflict's fallout. The price of West Texas Intermediate crude oil recently climbed to US$74 per barrel, marking an increase of over 8% within a week. Despite this, Thailand remains poised to manage its fuel needs effectively. File photo for reference only -- 2024-10-08
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