BANGKOK: Thailand plans to increase crude oil supply in the country if tensions between US and Iran escalate.
Energy Minister Sontirat Sontijirawong said the government plans to increase the country’s crude oil supply by 13%, from 130 kilo barrels to 160 kilo barrels per day.
He said crude oil reserves for Thailand remained at 50 days, based on oil consumption of 2.988 billion litres, while cooking gas or liquefied petroleum gas (LPG) stood at 101,000 tonnes, equivalent to 17 days of consumption.
“We have been closely monitoring the escalating tensions between the US and Iran.
“The country’s crude oil reserves are manageable,” he told a media conference today after attending a cabinet meeting chaired by Prime Minister General Prayuth Chan o-cha.
He added that the public should not panic about any fuel price hike.
“Measures will be taken to reduce the impact. The State Oil Fund which has about 40 bil baht (RM 5.44 bil) is ready to implement urgent measures including to avoid a fuel price hike in the local market,” he said.
The escalating troubles led oil prices to rise a further 2% yesterday, pushing Brent above US$70 a barrel, the first time in more than six months.
He said the State Oil Fund committee will meet on Friday to evaluate the situation.
The killing of top Iranian general Qassem Soleimani in a US drone strike outside Baghdad airport on Friday has sparked outrage and revenge threats from Tehran, raising fears of an uncontrolled escalation in the region.
Meanwhile, national police chief Pol General Chakthip Chaijinda has instructed all police departments to be on a heightened state of alert at the US, Iranian and Israeli embassies, consular offices as well as residences in Thailand.
He also instructed police officers to be deployed to churches and mosques in the country. – Jan 7, 2020 Bernama
