The Energy Minister urgently ordered the start of measures to suspend oil exports and directed the opening of a center to closely monitor the situation in the Middle East.
On 1 Mar 2026 GMT+7, Mr. Atthapol Rerkpiboon, Minister of Energy, revealed that due to Iran's closure of the Strait of Hormuz, he urgently directed the start of measures to suspend oil exports. He also ordered the establishment of an emergency energy situation monitoring center to track events and instructed all agencies to assess impacts and prepare plans and measures covering reserve quantities and pricing. Additionally, he prepared to use the Oil Fund to offset oil prices to alleviate the impact on product prices and the cost of living caused by rising global oil prices.
As of 1 March 2026 GMT+7, Thailand's oil reserves (crude and refined products) totaled 4.877 billion liters, enough for 38 days of consumption. Crude oil in transit (already passed through the Strait of Hormuz) amounted to 1.666 billion liters, and from other sources 1.117 billion liters, sufficient for 22 days of use. Total reserves are 7.66 billion liters, covering 60 days of demand. Furthermore, the Ministry of Energy periodically inspects oil reserves nationwide; inspections on 13 and 25 February 2026 GMT+7 confirmed sufficient refined and crude oil reserves as required.
Additionally, the Energy Minister ordered the Department of Mineral Fuels to draft a plan to increase natural gas production in the Gulf of Thailand and to postpone maintenance schedules for natural gas production sites to minimize impacts during this period.
Regarding electricity, he ordered coal-fired power plants to operate at full capacity, as well as hydroelectric power plants.
“The Ministry of Energy assures that the recent unrest last Saturday has not affected Thailand’s oil reserves or prices. However, urgent directives have been issued to begin suspending oil exports and to open an emergency energy situation monitoring center. This will enable all relevant agencies to closely monitor the situation, prepare short- and long-term plans if the situation persists, and ready the Oil Fund measures to offset oil price increases if global prices rise. For natural gas, production from Gulf of Thailand sources has been increased and maintenance plans postponed. The Ministry confirms sufficient oil reserves to meet domestic demand and asks the public not to panic but to cooperate by conserving energy, which will reduce imports and overall energy costs.” Mr. Atthapol said.