Bangkok: The Ministry of Energy is closely monitoring the unrest in Iran. Energy Minister Attapol Rerkpiboon has ordered measures to be prepared to address both price and reserve requirements should the unrest in Iran be prolonged, expressing confidence that there will be no shortage of energy.
According to Thai News Agency, Mr. Veerapat Kiattifuengfu, Deputy Permanent Secretary of the Ministry of Energy and spokesperson for the Ministry, stated that the Minister of Energy has ordered close monitoring of the conflict between Israel and Iran, which began yesterday afternoon and is expected to escalate. This could lead to price volatility in oil and a potential Iranian closure of the Strait of Hormuz, a crucial oil shipping route that could impact 20% of global supply.
The Ministry of Energy has instructed relevant agencies to closely monitor the situation, particularly regarding domestic reserves of oil, liquefied petroleum gas (LPG), and liquefied natural gas (LNG), to ensure sufficient supply to meet demand. As of February 23, 2026, the remaining oil reserves (crude oil and refined oil) totaled 4,925 million liters, sufficient for 38 days of demand. Crude oil currently in transit (already passed through the Strait of Hormuz) amounted to 1,746 million liters, and from other sources, another 1,124 million liters, sufficient for 23 days of demand. The total remaining oil reserves are 7,795 million liters, sufficient for 61 days of demand. Regarding the planned LNG imports for March 2026, a total of four shipments have been dispatched; two have already passed through the Strait of Hormuz, while the other two are still in transit. This is not expected to significantly impact reserves. However, if the situation is prolonged or worsens, management measures will be implemented t o maintain reserve stability and ensure domestic security and confidence.
'The Ministry of Energy has been continuously monitoring the Israel-Iran situation and has planned for the possibility of a closure of the Strait of Hormuz. We have prepared contingency plans to source fuel from alternative sources. Although there is currently no impact on reserves or prices, the Ministry has prepared various scenarios to address any prolonged or escalating conflict. We want to assure the public that the Ministry of Energy is prepared to handle all situations and confirm that there will be no domestic fuel shortage. However, given the fragile situation, there may be the spread of inaccurate information or fake news on social media. Therefore, we request the public to only follow announcements and information from the Ministry of Energy's official media channels to prevent confusion and ensure they receive accurate facts,' Mr. Weerapat said.