PTT warns of potential crude oil oversupply after Strait of Hormuz reopening

5 articles · Updated · MarketWatch · Apr 29

PTT has continued procuring about 70 crude cargoes between March and May, with 30% from the Middle East and 70% from alternative sources amid extended 90-day lead times.
Despite vessel crossings through Hormuz dropping to five per day in April, PTT’s three Thai refineries operated at 105% utilization, maintaining stable production and ensuring diesel supply during fluctuating domestic demand.
PTT’s warning comes as the Iran war and Hormuz traffic standstill ease, with domestic diesel demand peaking at 80-90 million liters daily but now stabilizing post-Thai New Year, while refineries remain at high output.

Is PTT's high-priced oil procurement a shrewd strategy or a massive gamble against a sudden market glut?

As PTT uses AI to run its refineries, what prevents a cyberattack from crippling Thailand's fuel supply?

As Thailand ends broad fuel subsidies, which sectors of its economy will face the greatest hardship?

Beyond oil, how will the Hormuz crisis permanently reshape global supply chains and maritime trade?

With Qatar's LNG offline for years, how will Asia's green energy transition plans be affected?

What is the ticking environmental time bomb posed by 74 million barrels of oil stranded in the Gulf?