"crude oil"

Energy Minister Supattanapong Punmeechaow on Tuesday allayed fears of oil shortage, saying the country now has crude oil reserves for 60 to 70 days.

Mr. Auttapol Rerkpiboon, President and Chief Executive Officer of PTT Public Company Limited (PTT) has presided over the signing ceremony of the Sale and Purchase Contract of Oman crude between PTTT and PTTEP Oman E&P Corporation (POC) and PTTEP MENA Limited.

A subsidiary of PTT Exploration and Production has won a bid to survey for oil and gas in a new block in the sea off Malaysia and produce petroleum, PTTEP said on Wednesday.

The energy and foreign affairs ministries are negotiating with oil producing countries, including Saudi Arabia, the purchase of crude oil at lower than the global market price, Deputy Finance Minister Santi Promphat said on Tuesday.

The agency in charge of cleaning crude oil that began hitting the shore of Rayong’s Mae Ram Phueng beach held a press conference on Saturday to provide updates.

The Energy Ministry is closely monitoring the price of crude oil because even though it dropped recently, it is still volatile and at a high level, ministry spokesman Sompop Pattanariyankool said on Monday.

Oil extended its drop to the lowest level since May after the U.S. Federal Reserve on Wednesday signaled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.

Crude futures extended the longest slide in five months after a surprise increase in U.S. gasoline inventories that signaled fuel demand may be under threat as Covid-19s delta variant menaces the economic recovery.

Energy Minister Sontirat Sontijirawong has come up with a plan to help mitigate the impact of Covid-19 and plans to propose it to Deputy Prime Minister Wissanu Krea-ngam on Thursday (June 25).

U.S. equities climbed, with the Nasdaq Composite Index briefly turning positive for the year, as investors sift through the latest company earnings and data showing another surge in the number of out-of-work Americans. Oil jumped.

Thai refinery operators have seen the value of their stockpiled oil drop by Bt10 billion after the price of crude collapsed amid plummeting demand during the Covid-19 virus.

Financial markets continued to spasm Wednesday, with U.S. stocks reversing Tuesday's rally, as the economic fallout from the pandemic outpaces the massive response from governments and central banks.