Kathrine Frich
The war in Iran is reshaping global energy markets, and creating unexpected opportunities for Russia.
Moscow is finding new openings as countries scramble to secure supplies.
New talks
Thailand is now in discussions with Russia to purchase crude oil, according to comments from Foreign Minister Sihasak Phuangketkeow.
Speaking to The Nation cited by Money.pl, he said the Thai government has already contacted Moscow, which indicated it is ready to sell.
Bangkok is also exploring alternative suppliers, including Brazil, Nigeria and Kazakhstan, as it looks to stabilize energy imports.
Supply fears
Officials say Thailand currently has oil reserves sufficient for between 95 and 100 days.
However, Sihasak warned that the ongoing conflict in the Middle East is creating long-term uncertainty for global supply.
The tensions follow escalating fighting involving the United States, Israel and Iran, which has disrupted key energy routes.
Price pressure
Thailand is also facing rising fuel costs at home.
Transport Minister Phiphat Ratchakitprakarn, quoted by Reuters, said the government is trying to cap diesel prices at 33 baht, or about $1 per liter.
The effort reflects growing pressure on governments across Asia as oil prices climb.
Russia benefits
At the same time, Russia is increasing crude exports from ports in the Pacific and Arctic regions, according to Bloomberg.
Higher global price, driven by Iran’s move to close the Strait of Hormuz, are boosting demand for Russian supplies.
The temporary easing of U.S. restrictions has also made it easier for some buyers to access Russian oil already in transit.
Sources: The Nation, Reuters, Bloomberg, Money,pl
