Economy Thailand Prepared with 60-Day Oil Reserve Amid Israel-Iran Tensions

[webfact]

Picture courtesy of thansettakij

 

Thailand is on alert as the ongoing conflict between Israel and Iran causes a significant rise in global oil prices. With tensions simmering, Thailand assures the nation it has a 60-day oil reserve, as stated by Veerapat Kiatfuengfoo, Deputy Permanent Secretary and Spokesperson for the Ministry of Energy.

 

Currently, the country has 3.337 billion litres of crude oil in storage, sufficient for 25 days. Alongside this, there are 2.457 billion litres in transit, enough to cover an additional 19 days. The reserves are rounded out with 1.874 billion litres of refined oil, providing for another 16 days of supply.

 

Iran has expressed a willingness to de-escalate tensions with the US regarding its nuclear programme, but the uncertainty persists, causing worldwide concern.

 

A major worry is potential disruptions to vital oil transport routes in Asia, specifically the Strait of Hormuz. Any blockade could lead to further increases in global crude prices.

 

To counter potential impacts, Thailand's Oil Fuel Fund has decided to reduce the levy on petrol and diesel. This move aims to stabilise domestic fuel prices and protect the fund's long-term sustainability amidst global upheaval.

 

Israel's aggressive strikes on Iran began on Friday, with the intent to prevent Tehran from developing nuclear weapons. Iran, however, denies any pursuit of nuclear arms, adding a complex layer to the unfolding situation.

 

As the global community watches anxiously, Thailand stands ready with its strategic reserve, managing both national energy needs and economic stability.

 

The situation emphasises how interconnected international relations and economic conditions are when it comes to essential resources like oil.

 

  Adapted by ASEAN Now from Thai PBS World 2025-06-19

 

 

[MalcolmB]

8 minutes ago, webfact said:

Israel's aggressive strikes on Iran began on Friday

I bet Israel stocked up before their aggressive strikes started.

[WEBBYB808]

Iran has expressed interest in de-escalation of tensions with the US.  Lies aint never been printed any truer. Iran has been given an ultimatum, unconditional surrender!  I think certain  governments believe  if they allow it to be printed  it must be true.  Hog wash.. Iran does not wish to de-escalate. They want what they feel they are entitled  to.  To wipe out Isreal  and US.  They will not surrender!  If oil to certain  Asian countries  only comes from Iran, then they better start shopping elsewhere.   

[John Drake]

Looks like Thailand will be needing to make an agreement with the new Shah soon.