Philippines holds oil storage talks with Saudi Arabia, Russia, US

The Philippines is in talks with Saudi Arabia, Russia and the United States to store oil in the fuel-import-dependent nation, in a bid to hedge against fuel price spikes driven by the Iran war.

The Southeast Asian nation, which imports nearly all its energy needs, also planned to increase diesel and gas-fired power output to make up for an estimated 60 per cent decline in hydropower and 20 per cent fall in solar output in the first half of 2027 due to the El Nino weather phenomenon, Energy Secretary Sharon Garin said.

The Philippines was also in talks with Japan, Kuwait, the United Arab Emirates and Australia on oil storage, Garin said, as it looked to build stockpiles after the US-Israeli strikes on Iran in February disrupted supplies.