Report: PH working with US to secure oil from US-sanctioned countries

Philippine government in talks with US State Department to purchase sanctioned oil

Last night, President Ferdinand “Bong Bong” Marcos Jr. declared a National State of Energy Emergency, as tensions in the Middle East continue to plague the limited supply of oil and fuel in the Philippines. Because the country relies heavily on imported fuel and supplies are currently limited, gasoline & diesel prices have skyrocketed.

To further augment the limited supply and ease the uncontrolled rise of fuel prices, the Philippine government is currently in talks with Washington to secure waivers to purchase sanctioned oil. According to a Reuters report, the Philippines' Ambassador to the United States, Jose Manuel Romualdez, is working with the US State Department to secure the waivers.

“We are working with the State Department to get waivers or exemptions to purchase oil from U.S.-sanctioned countries,” shared Romualdez.

With the country having a supply of fuel for about 45 days, there's the matter of where the Philippines will get its new supply of oil from US-sanctioned countries. While the country will purchase a million barrels of oil to build its buffer stock, there's also the matter of whether the country could get additional supply from Venezuela or Iran. Romualdez shared that as of now, all options are currently being looked at and are work-in-progress.

In addition, the Philippines is set to receive its first shipment of Russian oil in five years following the declaration of the US to allow the purchase of Russian crude for 30 days.

As of now, there are still tensions in the Middle East, but negotiation deals between the US and Iran are reportedly ongoing for a possible ceasefire. But with the price of crude oil still at an all-time high and the Strait of Hormuz still closed to most shipping lines, it might still take several months for prices to go down and supply chains to resume normal operations.