Bangkok: The Ministry of Energy is actively preparing to manage the impact of the ongoing conflict between Israel and Iran, focusing on both oil and gas reserves. The current strategy ensures that energy supply remains stable, and a mechanism is in place to manage oil prices through the Oil Fund.
According to Thai News Agency, Mr. Veerapat Kiatfuengfu, Deputy Permanent Secretary and Spokesperson of the Ministry of Energy, stated that the Ministry has been closely observing the situation following last week's escalation between the two nations. The price of Dubai crude oil has seen a rise to 72.50 US dollars per barrel, up from 65 US dollars per barrel at the start of June. The Oil Fund plays a critical role in managing domestic retail prices, helping to maintain price stability and ensuring long-term continuity.
In terms of oil reserves within the country, there are approximately 3,337 million liters of crude oil available, which can meet demand for 25 days. Additionally, there are 2,457 million liters of crude oil in transit, sufficient for 19 days, and 1,874 million liters of finished oil, adequate for 16 days. In total, the reserves can fulfill 60 days of demand. Should the situation escalate, the Ministry plans to increase domestic oil reserves to mitigate potential price impacts.
Mr. Weerapat emphasized the Ministry's readiness with regulations and measures for managing oil and cooking gas reserves. Price management guidelines are also in place if the conflict intensifies. As Thailand is an oil-importing country, it is advised that the public conserve energy to help reduce energy costs. The Ministry intends to use the Oil Fund to manage price impacts effectively.