Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out.
Nineteen State-owned groups and corporations under the Commission for the Management of State Capital at Enterprises (CMSC) incurred losses worth around $160 million in the first quarter of this year due to the impacts of the COVID-19 pandemic.
US President Donald Trump said he expects Saudi Arabia and Russia to strike a deal in the next few days.
Oil logged its worst week since 2008 after the oil price war, initiated by Saudi Arabia early last week, delivered a double blow to nervous investors already rattled by declines in world stocks due to the spread of COVID-19.
The Energy Ministry of Thailand is planning to use 1.5 billion baht (about 49 million USD) from the state Oil Fund to support local oil prices.