Thailand has sufficient oil for 60 days of use as concern over energy supply disruptions grows following Israel’s attacks on Iranian nuclear sites, the Department of Energy Business said on Friday.
The bombings have driven up global oil prices, with benchmark oil contracts, including Brent crude and Nymex light sweet, rising by more than 10% on Friday.
Petroleum traders are monitoring tensions between the two countries as the situation may escalate, affecting oil transport in the Middle East, said Sarawut Kaewtathip, director-general of the department.
The amount of oil for commercial purposes in Thailand totals 3.1 million litres, equivalent to 23 days of normal daily consumption, he said.
Another 2.6 million litres, good for 20 days, is being transported by vessels to the country.
Thailand also has refined oil reserves of 1.89 billion litres, equivalent to 17 days of normal consumption.
“We have oil for use for a total of 60 days in case the situation in the Middle East gets worse,” said Mr Sarawut.
Energy authorities will deal with the situation to ensure the public will experience minimal or no impact, he said.
Israel launched air strikes on Tehran and other locations in the early hours of Friday, targeting military sites, including those suspected of housing nuclear fuel enrichment operations.
Iran is expected to counter the attacks in the near future.