Thailand Seeks New Gas Suppliers Amid Oil and LNG Price Surge

Thailand is accelerating efforts to reduce its energy reliance on the Middle East as crude oil prices exceed $100 per barrel and spot liquefied natural gas (LNG) prices have nearly doubled, driven by geopolitical turmoil and rising seasonal demand.

The country's energy security is under scrutiny, with the government seeking new gas suppliers. The Bangkok Post reported that Thailand is looking to reduce its reliance on the Middle East, which accounts for a significant portion of its oil imports.

Bangchak Corporation's oil refinery in Phra Khanong district is one of the major facilities affected by the price spike. The company has been impacted by the increased cost of liquefied natural gas (LNG), with prices rising to nearly $82 per barrel.