Bangkok: Energy Minister Attaphol Rerkpiboon has announced the suspension of oil exports and the establishment of a monitoring center in response to Iran's closure of the Strait of Hormuz. This move is aimed at evaluating the impact of the situation and implementing strategies to manage reserves and stabilize prices.
According to Thai News Agency, the Energy Ministry is taking steps to mitigate the effects of rising global oil prices on the cost of living and commodity prices. The Fuel Fund will be utilized to subsidize oil prices where necessary. As of March 1, 2026, Thailand's oil reserves stand at 7,660 million liters, providing a 60-day supply. Crude oil shipments already in transit and from other sources ensure additional coverage.
Minister Attaphol has directed the Department of Natural Gas to increase production in the Gulf of Thailand and delay maintenance of natural gas facilities. Coal and hydroelectric power plants are operating at full capacity to ensure energy availability. Regular inspections of oil reserves confirm adequate supplies to meet demand.
The Ministry emphasizes that recent unrest has not yet impacted Thailand's oil reserves or prices. The emergency energy monitoring center has been established to oversee the situation. Short-term and long-term measures are being developed, including the potential use of the Fuel Oil Fund. The public is encouraged to conserve energy to reduce import reliance and manage energy costs.