Thailand has already increased its crude oil reserves from 92 days to 98 days to strengthen national energy security. Another development is the United States' decision to lift its boycott on Russian crude oil exports. In response, the Energy Ministry is preparing to negotiate purchases of Russian crude to supplement Thailand's supplies and ensure domestic energy security, he said. Initial discussions suggest that Russian crude could be processed by Thai refineries, and officials will coordinate with refinery operators and traders who can access Russian supplies. Refineries must still bear additional costs, including crude oil premiums, shipping and insurance, which have risen significantly.

Source: Bangkok Post March 14, 2026 00:40 UTC