Supply crisis pushes Philippines to reconsider Russian oil

The Manila Times reported that Philippine company Petron Corporation intends to increase its purchases of oil from Russia to boost its fuel stockpiles, should tensions in the Middle East continue.

The newspaper quoted Petron as saying: "We would like to inform you that should the current crisis continue and alternative sources of crude oil not be available or sufficient, we may once again need to consider purchasing Russian crude oil to strengthen national fuel reserves and directly mitigate the negative effects of the lack of a stable and reliable source of crude oil. Any initiative taken by the company will be done in close coordination with the Philippine government, and will be based on the primary objective of ensuring the country's energy security."

On March 24, the first shipment of Russian crude oil in five years arrived in the Philippines.

Petron is the Philippines' largest oil refining company, providing approximately 40% of the country's fuel needs.

It should be noted that after the US and Israeli military operation against Iran began on February 28, shipping traffic through the Strait of Hormuz was restricted. The United States had allowed Russia to sell oil and oil products loaded on ships until March 12, with the license remaining valid until April 11.