Thailand suspends oil exports

Thai Energy Minister Odpong Leebun stated on March 1 that due to escalating geopolitical conflicts caused by the US and Israel’s attack on Iran, Thailand has urgently implemented a series of measures, including suspending oil exports and establishing an Emergency Energy Monitoring Center to closely monitor developments in the Middle East and assess potential impacts. Odpong said the Ministry of Energy has instructed relevant agencies to closely monitor the situation’s impact on Thailand’s oil reserves and prices, and to develop short-term and long-term response plans, including activating the Fuel Fund to subsidize fuel prices to mitigate the impact of rising international oil prices on domestic goods and living costs. Additionally, Thailand’s Ministry of Energy plans to increase natural gas production in the Gulf of Thailand and temporarily halt gas field maintenance, while ordering coal and hydroelectric power plants to operate at full capacity to ensure energy supply. Odpong noted that Thailand’s oil reserves are sufficient and that the current Middle East situation has not yet affected Thailand’s oil reserves and prices. The departments will continue to closely monitor the situation and call on the public to conserve energy. According to data from Thailand’s Ministry of Energy, as of March 1, Thailand’s crude oil and refined oil reserves amount to approximately 4.877 billion liters, enough to meet about 38 days of domestic demand. Including oil in transit and from other sources, the total reserves are about 7.66 billion liters, sufficient for approximately 60 days. (Xinhua)