On Wednesday at 10:54 AM (Bangkok time), the share price of Thai Oil Public Company Limited (SET: TOP) rose by 5.41% or THB 2.50 to THB 48.75, with a trading value of THB 977.06 million.
PTT Global Chemical Public Company Limited (SET: PTTGC) surged by 3.33% or THB 1.25 to THB 38.75, with a trading value of THB 566.82 million.
Star Petroleum Refining Public Company Limited (SET: SPRC) grew by 3.52% or THB 0.25 to THB 7.35, with a trading value of THB 124.14 million.
IRPC Public Company Limited (SET: IRPC) gained 9.78% or THB 0.18 to THB 2.02, with a trading value of THB 619.25 million.
Shares of Thai refinery operators advanced after the United Arab Emirates (UAE) announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, starting May 1, 2026.
Kasikorn Securities (KS) wrote that the UAE’s exit could have a slightly negative impact on oil prices over the medium to long term, as the bargaining power of OPEC+ may weaken.
The UAE currently has crude production capacity of around 4.3 million barrels per day, representing about 9% of OPEC+ output capacity and roughly 4% of global crude supply. In February 2026, production stood at approximately 3.6 million barrels per day, indicating spare capacity of around 0.7 million barrels per day.
Kasikorn stated the withdrawal is likely aimed at enabling the UAE to maximize its unused production capacity while taking advantage of global crude prices that remain at relatively high levels.
The UAE also benefits from export infrastructure advantages, as crude shipments can be routed through Fujairah Port without passing through the Strait of Hormuz. This provides greater logistical flexibility and reduces geopolitical risk exposure.
At the same time, higher exports of UAE crude, particularly Murban grade, are expected to provide modest supply relief for refiners using such crude, including TOP, PTTGC, and SPRC.
