Thailand prepares to cope with global oil price hike
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.
Drones strike Saudi Arabia's oil facilities on September 14 (Source: Fox News)
Local media quoted Energy Minister SontiratSontijirawong as saying the plan is an urgent agenda item for the Energy PolicyAdministration Committee’s meeting on September 17.
The ministry is monitoring global oil prices anddetermining whether the impact will be short-term, he said.
Thailand has total 3.37 billion litres of crude oilin reserve, equivalent to 54 days’ consumption, and 131 million kilogrammes ofliquefied petroleum gas for 23 days.
The Southeast Asian country imports roughly 1million barrels of crude oil from overseas, of which 170,000 barrels areshipped from Saudi Arabia, accounting for 16 percent of the total per day./. VNA