Thailand is diversifying its energy imports as geopolitical risks and tensions in the Middle East persist. The country has spread its crude oil imports across a wider range of suppliers, with the United States replacing Qatar as the largest natural gas supplier.
The share held by its three largest sources (the United Arab Emirates, Saudi Arabia and the United States) fell from 74.4 percent to 54.7 percent as it diversified.
The Ministry of Commerce’s Trade Policy and Strategy Office (TPSO) released the findings this week. The analysis comes amid ongoing geopolitical risk and uncertainty over shipping routes through the Strait of Hormuz.TPSO compared country-level import data for crude oil and natural gas across two periods: before the crisis (January–February 2026) and after it began (March–September 2026).
Prior to the Hormuz crisis, the UAE was Thailand’s largest crude supplier, accounting for 40.1 percent of crude imports by value. Saudi Arabia came second with 18 percent, and the United States at 16.2 percent, producing a combined share of 74.4 percent.
During the crisis, that combined share fell to 54.7% as imports from other regions rose. Angola led the increase, followed by Brazil and Argentina. The shift toward Africa and Latin America reduces Thailand’s reliance on traditional energy suppliers, making it more resilient to disruptions in producer countries.
Diversification still doesn’t mean Thailand has completely avoided the challenges. Before the crisis, Qatar, Myanmar and Australia together supplied 57.3 percent of Thailand’s natural gas imports.
When the crisis disrupted shipments from Qatar through the Strait of Hormuz, Thailand turned to suppliers with safer shipping routes and large export capacity. The United States rose to first place with a 29.9 percent share, followed by Australia and Myanmar. The top three still account for 58.3 percent of gas imports.
TPSO said Thailand’s gas imports remain concentrated among a few suppliers and need continued monitoring.
Beyond that, volatile global energy prices remain a risk to production costs and the cost of living. The import price index stood at 130.7 in September, up by 12.3 percent from a year prior, and is now trickling into domestic costs.
“Disruptions to energy supply have a knock-on effect, from import costs to production, transport, and ultimately prices and the cost of living,” said Nantapong Chiralerspong, Director of TPSO.
Key Takeaway
Thailand’s diversification shift for crude fits a wider pattern across Asia, where countries are largely import-dependent. As Thailand’s gas figures indicate, diversification merely changes who the country depends on for energy imports, but concentration risks still remain. As fuel imports rise by 45.7 percent annually and producer prices rise in tandem, Thailand’s stagnant economic growth and tighter spending conditions remain under significant strain.
