The Ministry of Energy revealed that the amount of oil reserves in stock is still sufficient for more than 60 days. Thai people are not worried. The ministry is ready to manage oil shortages and closely monitors the situation. The latest crude oil price has increased by more than 8% in 1 week.
Mr. Veerapat Kiatfuengfu, Deputy Permanent Secretary of the Ministry of Energy and Spokesperson of the Ministry of Energy, revealed that the situation of war in the Middle East that has expanded, especially the situation of fighting between Israel and Iran, which may affect the production and export of oil from the Middle East, the Ministry of Energy and related agencies have been closely monitoring the situation to assess and prepare for the situation if it becomes more severe. At present, in terms of the amount of fuel oil, there is definitely enough for domestic use. Currently, there is approximately 3,365 million liters of crude oil remaining, sufficient for 26 days of use, 2,055 million liters of crude oil in tra
nsit, sufficient for 16 days of use, and 2,414 million liters of refined oil, sufficient for 20 days of use. The total amount of remaining oil and reserves available for use is 62 days.
In addition, in terms of price, the Ministry of Energy will manage the retail price of oil in the country to prevent excessive volatility, mainly using the mechanism of the Oil Fund. The status of the Oil Fund has become more liquid, with a decrease in deficit. Therefore, the public is asked not to worry about the situation and can be confident that Thailand will not be short of oil and the price will remain stable and not fluctuate too much.
The price of crude oil is volatile and has been continuously increasing. For example, the price of WTI crude oil on September 30, 2024 was $68 per barrel, while today (October 7), after the situation became more severe, the price of crude oil is $74 per barrel, or an increase of more than 8% in 1 week. Previously, the Ministry of Energy has practiced the management plan to support the e
nergy emergency situation together with all relevant agencies, including the Department of Energy Business, Department of Mineral Fuels, Department of Alternative Energy Development and Energy Conservation, Energy Policy and Planning Office, Energy Regulatory Commission, Electricity Generating Authority of Thailand, PTT Public Company Limited, and the Oil Fund, to set various measures and alleviate the impacts that may occur from the energy crisis, such as adjusting the use of fuel for electricity production, managing the procurement of gas in the country to maximize, and reducing demand.
Thai Oil PCL expects West Texas crude oil prices this week to move within the range of $70-80 per barrel, while Brent crude oil prices will move within the range of $74-84 per barrel. Last week, West Texas crude oil prices increased by $6.20 per barrel to $74.38 per barrel. Prices tend to increase slightly due to the increasing tension in the Middle East. Last weekend, compared to the previous week, West Texas crude oil pri
ces increased by $6.20 per barrel to $74.38 per barrel, while Brent increased by $6.07 per barrel to $78.05 per barrel. Dubai crude oil prices closed at an average of $77.78 per barrel.
Source: Thai News Agency