Bangkok: Thai stocks and gold prices experienced a notable surge in the wake of escalating tensions between the United States and Venezuela. The Thai economic team is actively monitoring the developments and preparing to respond accordingly as oil prices begin to decline following OPEC+'s decision to suspend production cuts.
According to Thai News Agency, the Thai stock market opened strongly in 2026, with the index rising over 25 points to 1,285 points. This positive movement was influenced by international stock market trends and significant gains in DELTA shares. Thanawat Ruenbanthong, Head of Institutional Investment Analysis at TISCO Securities, noted that the conflict between the US and Venezuela initially impacted crude oil prices, which in turn affected the oil sector, driving up Thai stocks. Additionally, positive economic data from China and the US spurred buying in large-cap stocks.
As of 10:33 AM, gold prices in Thailand fluctuated four times, with a net increase of 550 baht per baht of gold. Gold bars reached 65,600 baht, while finished gold bars sold for 66,400 baht. The global gold price rose to $4,411 per ounce as investors sought safe-haven assets amid the US launching a significant military operation against Venezuela, resulting in the arrest of Venezuelan President Nicol¡s Maduro and his wife.
Kasikorn Research Center reported that the Thai baht was trading at approximately 31.45-31.47 baht per US dollar, compared to the 2025 closing level of 31.55 baht per US dollar. The baht's strengthening coincided with the rise in global gold prices.
Deputy Prime Minister and Minister of Finance, Ekniti Nitithanpraphas, is closely examining the economic impact, primarily focusing on oil prices. He expects minimal direct effects on Thailand but notes potential indirect impacts, particularly on oil price trends. Coordination with the Minister of Energy is underway to address these concerns.
Energy Minister Attapol Rerkpiboon emphasized the need to monitor oil prices closely in light of the situation in Venezuela. He has instructed the Ministry of Energy to assess the impact and monitor potential increases in global oil supply. If the US manages the situation effectively, it could lead to a higher oil supply in the market due to Venezuela's vast oil reserves, potentially reducing oil prices.
Oil prices initially surged following the US intervention, with WTI crude rising from $57 to over $60 per barrel. However, prices have since retreated to around $57. The market anticipates a potential long-term decline if the US successfully restores Venezuela's oil infrastructure, increasing global production.
The OPEC+ oil producers' group decided to suspend increasing oil production in February and March 2026. The next OPEC+ meeting is scheduled for February 1 to discuss future oil production strategies. Since April 2025, OPEC+ has increased production by approximately 2.9 million barrels per day. However, concerns about oversupply led to the suspension of production increases in early 2026.
Venezuela, an OPEC founding member, holds the world's largest proven crude oil reserves. Kepler data shows that Venezuela exported 749,000 barrels per day in 2025, with half going to China.