Crude Oil, Refined Products
March 02, 2026
Thailand suspends oil exports, tightens monitoring amid Middle East conflict
By Mia Pei
HIGHLIGHTS
Country holds 60-day supply in reserves
Middle East provides more than half of crude imports
Coal-fired, hydroelectric power plants to run at full capacity
Thailand's Energy Minister Auttapol Rerkpiboon has ordered an immediate suspension of crude and petroleum product exports to protect the country's oil reserves amid Middle East conflict, a statement from the ministry said March 1.
The move comes as oil tanker traffic through the Strait of Hormuz was halted amid the ongoing crisis.
Rerkpiboon also ordered the start of the Energy Emergency Situation Monitoring Center to closely monitor the situation. He directed all agencies to assess market impacts, reserve levels, and price dynamics, and prepare contingency plans for both short-term and long term, including utilizing government funds to mitigate the impact of energy price spikes on people's living costs.
As of March 1, Thailand's oil reserves (crude and refined oils) held in domestic storage stood at 4,877 million liters, equivalent to about 38 days of domestic consumption, the ministry said.
In-transit stock totaled 2,783 million liters -- 1,666 million liters have already passed through the Strait of Hormuz, and 1,117 million liters are being shipped from other sources. Together, this in-transit stock provides approximately 22 days of cover.
Combined, these volumes can cover about 60 days of domestic demand, the ministry said. Current stock levels meet regulatory requirements, and the unrest in the Middle East has not yet affected local prices or supply, it said.
To further strengthen supply security, the ministry has instructed the Department of Mineral Fuels to draw up plans to boost natural gas production from the Gulf of Thailand, including delaying scheduled maintenance. Coal-fired and hydroelectric power plants have been instructed to operate at full capacity as a precaution.
According to data from S&P Global Commodities at Sea, Thailand imported 491,500 b/d of crude and condensate from the Middle East in 2025, up from 428,200 b/d in 2024. As of March 2, the region accounted for more than 51% of Thailand's crude and condensate imports in 2026.
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