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, expected to rise one baht per litre in the short term after drones struck Saudi Arabia’s oil facilities on September 14.

Tuesday, September 17, 2019 17:49

Thailand prepares to cope with global oil price hike ảnh 1

Drones strike Saudi Arabia's oil facilities on September 14 (Source: Fox News)

Bangkok (VNA) – The EnergyMinistry of Thailand is planning to use 1.5 billion baht (about 49 million USD)from the state Oil Fund to support local oil prices, expected to rise one bahtper litre in the short term after drones struck Saudi Arabia’s oil facilitieson September 14.

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

#Energy Ministry of Thailand #state Oil Fund #oil prices #Saudi Arabia #oil facilities #short term #crude oil #reserve #liquefied petroleum gas #Vietnamplus #Vietnam News Agency

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