Thailand oil reserves revised to 95 days after new supply confirmed
Thailand is preparing to tighten fuel exports and bolster domestic stockpiles, with Energy Minister Attapol Ruekpibul saying yesterday, March 5, that Thailand’s oil reserves and confirmed incoming supply should be enough for about 95 days.
Speaking at Government House, Attapol said the earlier estimate of 60 days’ oil reserves had been revised to reflect the real figures. Thailand currently holds about 65 days of reserves, meaning the country could last around 65 days even if no new oil entered Thailand.
The meeting also confirmed an additional 30 days of supply from sources outside the Middle East, which would bring total cover to roughly 95 days when combined with existing reserves.
Those extra volumes are expected to arrive gradually through April, while supply for May is still being confirmed, so the overall figure would continue to be topped up rather than stopping at a fixed point.
On oil exports, Attapol said the prime minister was expected to issue an order suspending oil exports, with Laos and Myanmar exempt due to mutual energy reliance.
He said officials would later clarify how much output would remain once exports were halted and how much would be set aside to boost reserves. Oil traders would also be required to raise mandatory stockholding from 1% to 3%.
On prices, he said the government would continue to cap diesel prices for 15 days using the Oil Fuel Fund, while petrol would receive some support.
On gas supply, he said electricity generation remains a key focus. About 50% to 60% of gas used to generate power comes through pipelines from Myanmar and Thailand, with additional volumes imported as LNG from Qatar. He said some Qatar cargoes that have already departed are delayed in transit, but Thailand is not waiting for them.
Instead, the Energy Regulatory Commission has approved replacement purchases from other sources, including the United States, Africa and Malaysia, and PTT expects to be able to confirm the new orders within the next week.
He said electricity planning is continuing across several sources, including efforts to secure additional hydropower from Laos, gas from the Gulf of Thailand, output from the Malaysia–Thailand Joint Development Area, and increased coal-fired generation by the Electricity Generating Authority of Thailand.
When asked whether people rushing to fill tanks could drain supplies faster than the 95-day estimate, Attapol said the spike was temporary and had already eased as confidence improved. He said fewer motorists were turning up with containers, and those who filled up earlier would return less often until they had used the extra fuel.
Asked about reports that some stations had run out of fuel and whether hoarding was involved, Attapol said the Energy Ministry had instructed provincial energy offices nationwide to warn stations against stockpiling.
He said the ministry is coordinating with oil traders to keep supplies moving, and any interruptions should clear within a day or two.
On whether the 15-day diesel cap would be extended and what further measures could apply to petrol, Attapol said the Oil Fuel Fund is used to smooth price swings, supporting prices when they rise and potentially recouping funds when they fall.
He said the fund has previously fallen as low as a 120 billion baht deficit and was still 20 billion baht in deficit when the current government took office, but has since been managed back into surplus, allowing it to be used during the current situation.
After 15 days, he said the government will reassess how much further support the fund can provide.
Attapol also addressed whether adjusting fuel specifications to broaden supply options was possible. He said such steps would be considered in stages, beginning with an export suspension and higher reserve requirements.
If shortages worsened, he said Thailand could increase biodiesel blending for diesel, import refined fuel if necessary, and temporarily relax its relatively high, environmentally focused fuel standards to widen the range of suppliers during a crisis.
He ended by saying that the Energy Ministry would submit an energy-saving campaign proposal to the cabinet meeting scheduled for March 10, reported MGR Online.
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