The Philippines is once again considering the possibility of purchasing Russian oil after a five-year hiatus, as supply disruptions linked to the war in the Middle East intensify.
Manila is holding consultations with Washington, seeking approval to import crude from sanctioned countries. The Philippine ambassador to the United States, Jose Manuel Romualdez, told Reuters that “all options are being considered.”
According to data from Kpler, at least two shipments of ESPO-grade Russian oil are set to arrive in the country this month.
The Philippine economy is almost entirely dependent on oil supplies from the Middle East. On March 20, authorities said existing fuel reserves would last for roughly 45 days. A day earlier, a state of emergency had been declared in the energy sector.