Thailand may seek additional oil supplies from Africa and the Americas and impose a temporary export ban if the conflict in the Middle East worsens, amid fears of disruption to global energy markets.
Energy Minister Atthapol Rerkpiboon said Thailand has decided to diversify its oil sources to include western Africa and the Americas in anticipation of possible supply disruptions from the Middle East.
He expects the first shipment from the new sources to arrive in April.
The move comes as authorities closely monitor tensions in the region, particularly the strategic Strait of Hormuz, a key transit route for global oil supplies.
Although the strait has not been completely closed, global oil prices have already risen by about 7%, to between US$75 and US$85 per barrel.
A temporary ban on the export of crude oil and refined petroleum products is also under consideration to ensure sufficient domestic reserves if the situation deteriorates further.
An informed government source said the option was discussed at a meeting of the National Security Council on Tuesday, convened to assess the potential impact on Thailand’s energy security.
The meeting was chaired by Prime Minister Anutin Charnvirakul and attended by the commanders of the three armed forces, Finance Minister Ekniti Nitithanprapas, Commerce Minister Suphajee Suthumpun and Foreign Minister Sihasak Phuangketkeow.
Atthapol said Laos would be exempted from any export ban because Thailand still relies on hydropower imports from its neighbour.
Electricity consumption is expected to peak in April during the dry season. The Electricity Generating Authority of Thailand plans to increase output from coal-fired and hydroelectric plants and postpone annual maintenance to ensure adequate supply.
Thailand exports refined petroleum products and crude oil mainly to regional neighbours and other Asian markets.
Key destinations for refined products include Singapore, Laos and Vietnam, while crude oil exports are primarily shipped to Malaysia and China.
To conserve domestic supplies, the energy minister urged motorists to use public transport as much as possible while uncertainty over Middle Eastern oil supplies persists.
