BANGKOK, 19 September 2019 (NNT) - The Ministry of Energy has organized a workshop on energy security this year, with drills being conducted in the event of emergency situations. Following the drone attack on two oil refineries in Saudi Arabia last Saturday, Thailand’s oil imports decreased by 62% per day. The incident has also affected oil demand, as 90% of the country’s oil imports are from the Middle East.
Initially, the government has prepared measures, such as fuel rationing, to ensure energy stability in the country. The Energy Minister, Sontirat Sontijirawong, assigned all related units to consider their action plans and conduct drills covering all scenarios. If they encounter a problem or a challenge, they have to reevaluate and resolve the issue within a month’s time.
In the workshop, the Energy Ministry collaborated with 33 agencies, such as PTT Public Company Limited, the Electricity Generating Authority of Thailand (EGAT) and the Office of the Energy Regulatory Commission (ERC). The participants brainstormed ideas and ways to deal with potential energy emergency situations effectively. The results are to be developed into an energy security policy of the country.
Energy Minister Sontirat said today the situation in Saudi Arabia has started to improve and its crude production had recovered by 50% within 48 hours. As a result, global oil prices have not increased drastically as feared. Crude oil prices are now between US$60 and US$70 per barrel, which is a range within the Ministry of Energy’s forecast. Nevertheless, the situation has to be closely monitored.