In light of Iran's closure of the Strait of Hormuz, Thailand's Energy Minister Supattanapong on the 1st ordered a suspension of oil exports and instructed the establishment of an Energy Emergency Monitoring Center to closely follow developments. He required all relevant agencies to assess the impact and formulate contingency plans, covering both the quantity of oil reserves and price aspects.
Supattanapong stated that the Thai government is prepared to use the fuel fund mechanism to subsidize oil prices in order to mitigate the impact of international oil price increases on the prices of goods and people's living costs.
As of March 1, 2026, Thailand's oil inventory (including crude oil and refined products) stands at 4.877 billion liters, enough to meet domestic demand for 38 days. Of the crude oil in transit, 1.666 billion liters has already passed through the Strait of Hormuz, and 1.117 billion liters comes from other sources, together enough to meet 22 days of demand. The total oil reserve is 7.660 billion liters, sufficient for 60 days of use.
Supattanapong said that the Ministry of Energy will also regularly visit oil storage facilities across Thailand to check inventory levels.
He instructed the Department of Mineral Fuels to develop plans to increase natural gas production in the Gulf of Thailand and to postpone maintenance schedules at natural gas production bases in order to minimize potential impacts at this stage. In terms of electricity, authorities have ordered coal-fired power plants to operate at full capacity while hydropower stations will also run at full capacity.
Supattanapong pointed out that Thailand's domestic oil reserves are sufficient to meet domestic demand. He urged the public not to panic and to cooperate in conserving energy, which will help reduce imports and lower overall energy costs.