Thailand has limited domestic oil production and reserves, and imports make up a significant portion of the country's oil consumption. Thailand holds large proven reserves of natural gas, and natural gas production has increased substantially over the last few years. However, the country still remains dependent on imports of natural gas to meet growing domestic demand for the fuel.
In September 2006, a military coup overthrew the government of Prime Minister Thaksin Shinawatra. The change in leadership and subsequent protests have had little impact on oil or natural gas production. Thailand's real gross domestic product (GDP) grew only 0.1 percent year over year in 2011, down from a high growth of 7.8 percent in 2010 due to the global economic recession and extensive flooding during the latter half of 2011. The Thai government forecasts its economy to grow by 5.5 percent in 2012 in anticipation of post-flood reconstruction and higher domestic demand. In turn, oil and gas production and consumption are expected to increase slightly in 2012 and 2013, and industry sources estimate that the first half of 2012 shows a recovery in both oil and gas supply and demand from 2011 levels.
Thailand has limited domestic oil production and reserves, and imports make up a significant portion of the country's oil consumption. Thailand holds large proven reserves of natural gas, and natural gas production has increased substantially over the last few years. However, the country still remains dependent on imports of natural gas to meet growing domestic demand for the fuel.
In September 2006, a military coup overthrew the government of Prime Minister Thaksin Shinawatra. The change in leadership and subsequent protests have had little impact on oil or natural gas production. Thailand's real gross domestic product (GDP) grew only 0.1 percent year over year in 2011, down from a high growth of 7.8 percent in 2010 due to the global economic recession and extensive flooding during the latter half of 2011. The Thai government forecasts its economy to grow by 5.5 percent in 2012 in anticipation of post-flood reconstruction and higher domestic demand. In turn, oil and gas production and consumption are expected to increase slightly in 2012 and 2013, and industry sources estimate that the first half of 2012 shows a recovery in both oil and gas supply and demand from 2011 levels.
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