BANGKOK, March 17. /TASS/. Russia is capable of increasing the flexibility of the energy market in Asian countries amid the escalating conflict in the Middle East and the disruption of supplies from countries in the region, Thai political analyst Jiraporn Ruampongpattana told TASS.

"The global energy market is closely interconnected, and escalating tensions in the Middle East can impact global oil and gas prices, especially if key transport routes, such as the Strait of Hormuz, are at risk. For Asian countries, including Thailand, not so much a physical shortage of oil, but rather higher and more volatile prices usually have the main impact of such crises. That said, Thailand purchases oil from various suppliers and holds certain strategic reserves, which is why it is premature to talk about an immediate energy crisis. Rather, it is a question of potential price risks. In this situation, Russia could be considered as a possible alternative supplier, capable of increasing the flexibility of the Asian energy market," she said.

"Thailand is a country heavily dependent on oil imports, so diversifying energy supply sources is an important element of its energy policy. Russia remains one of the world’s largest oil exporters. Since 2022, Russia has been increasingly reorienting its energy exports to Asian markets. Therefore, potential negotiations between Thailand and Russia regarding oil supplies can be viewed more as a pragmatic economic move and a search for additional energy sources, rather than a dramatic geopolitical shift. In its foreign policy, Thailand has traditionally sought to maintain balance and constructive relations with various global power centers," the expert stressed.

Global energy trends

Thailand’s efforts to negotiate crude oil supplies with Russia "reflect a broader trend in global energy - a gradual redistribution of energy trade flows and a search for more flexible and diversified mechanisms to ensure energy security amid growing geopolitical tensions," Ruampongpattana said. "Countries like Thailand can benefit from diversifying their supply sources as it reduces dependence on one region and increases energy security," she added.

Thai Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakan said earlier that the country’s energy ministry was preparing for negotiations on purchasing oil from Russia to fill the existing shortfall. The government is urgently negotiating the purchase of more oil from outside the Persian Gulf region to offset the potential shortfall, he added.