Thailand's Oil Fund faces a critical liquidity crisis with cumulative losses reaching ~92 billion baht and projected to hit 100 billion baht by late September 2024. The fund is preparing a new loan round (potentially 100+ billion baht) from domestic banks, with government guarantee, to service debt and maintain fuel price subsidies at 30 baht/liter. This reflects structural exposure to global oil volatility and unresolved policy debate on subsidy exit strategies—a material issue for energy budgets and inflation management for Thai SMEs.