Thaliand’s Energy Ministry said all state agencies need to put measures in place in case oil and gas supplies are interrupted, Kallanish Energy understands.
The country is gearing up amid fears political conflicts in the Middle East may escalate, The Bangkok Post reported last week, as the U.S. imposed sanctions on Iran.
Six refineries have to share volumes data daily, rather than monthly, to better monitor the situation should reserves be required.
There are also concerns over the uncertainties caused by the trade war between the U.S. and China. The State Oil Fund put $1.1 billion aside to prepare for price fluctuations.
The Thai economy relies heavily on oil imports. According to Ceic data, oil consumption in 2017 averaged 1.4 million barrels per day (Mmbpd) and imports were 0.9 Mmbpd, more than 63% of the total.
Roughly 60% of the imported volumes come from the Middle East, according to the Post.
“If the situation worsens, energy-saving measures will be adopted for the country,” Energy minister Siri Jirapongphan was quoted as saying.
