Energy minister says PM has ordered close monitoring of oil prices amid geopolitical risks

Energy Minister Auttapol Rerkpiboon on Tuesday said authorities are closely watching oil prices following developments involving the United States and Venezuela, warning that wider geopolitical tensions could still drive prices higher.

Auttapol said there are multiple developments that could affect oil markets. On Venezuela, he said the situation has not yet pushed oil prices sharply higher, adding that if the United States manages Venezuela’s oil reserves effectively, the impact should remain limited.

However, he said attention should be paid to the US posture as it expands its footprint, as geopolitical factors are now increasingly relevant.

Asked how long the situation would need to drag on before it affects oil prices in Thailand, Auttapol said it must be monitored closely. He added that Prime Minister Anutin Charnvirakul, who is also Interior Minister, has instructed agencies to keep a close watch on oil prices.

He stressed that the public should not worry, saying Thailand has not raised domestic fuel prices.

Asked about potential longer-term impacts, Auttapol said there could be both positive and negative effects and developments must be tracked carefully. If the United States can manage Venezuela’s oil well, he said, it could help bring reserve production to the global market.

He added that conflicts in other countries must also be followed closely, as they could influence oil prices.