Philippines Explores Russian Oil Amid Middle East Supply Crunch

The Philippines is considering buying crude oil from Russia as global energy markets face mounting pressure from the Middle East conflict. Energy Secretary Sharon Garin confirmed that negotiations are ongoing between the Philippine government, through the Philippine National Oil Company (PNOC), and private local players with Russian firms for potential supply contracts.

Garin assured the public that despite record-high fuel prices, the country’s supply will remain sufficient beyond April. Currently, the Philippines has only one refinery capable of processing crude into fuel products—the Petron refinery in Limay, Bataan.

The move follows the United States’ temporary suspension of sanctions on Russian crude, allowing sales of oil already at sea until April 11. This development is expected to add millions of barrels to the global energy market, where prices are hovering around $100 per barrel.

PNOC may also increase diesel reserves beyond the initially planned one million barrels, as storage facilities remain underutilized. In parallel, the government is negotiating potential purchases with Japan, Singapore, and South Korea to diversify supply sources.

In a related development, the House of Representatives approved on second reading a bill granting President Marcos authority to temporarily suspend mandatory biofuel blending. The measure aims to help stabilize pump prices during periods of volatile global oil markets.