Thai Oil Taps Africa, Americas for Crude to Cut Mideast Reliance

Thailand’s largest refiner Thai Oil Pcl is turning to Africa and the Americas for crude, reducing its dependence on the Middle East to maintain stable domestic supply.

The company increased crude imports from Africa to 39% of total purchases in April and May, up from almost none previously, according to Chief Executive Officer Pongpun Amornvivat on Monday. The Middle East’s share dropped to about 35% from 91%, while shipments from North and South America climbed to around 18%.