Philippines seeking new oil suppliers amid Middle East conflict

President Ferdinand Marcos Jr. said the Philippines is exploring alternative sources of oil as global prices fluctuate due to the ongoing conflict in the Middle East.

Speaking to reporters in New York on Wednesday (Manila time), Marcos said the country currently has an adequate petroleum supply, but the government is taking steps to secure additional sources to ensure stability amid uncertain global conditions.

“In terms of supply, we are in good shape. And not only do we have inventory in the Philippines, we also are awaiting some supplies coming in that are in transit,” Marcos told reporters.

He said the government has begun talks with countries that are not typically among the Philippines’ regular oil suppliers in an effort to diversify supply sources.

“We are talking to many other countries [whom] we normally do not buy oil from, but hopefully, we will be able to come to an agreement with them and that we will get further supply from them,” he said.

Marcos noted that the volatility of the ongoing conflict presents a challenge for energy markets, with uncertainty over how long the situation will last.

The President earlier assured the public that the country currently has sufficient petroleum reserves, with stockpiles estimated to last between 50 and 60 days.

Marcos acknowledged that higher oil prices inevitably affect consumer goods. “We’re trying to keep prices down, but there’s an inevitable effect,” he said.

He pointed out that global oil prices had recently climbed above $100 per barrel before falling below $90 on Tuesday, providing some relief in the short term.

“That gives us a little better chance of providing subsidies for our people, for providing support for the affected sectors,” Marcos added.