Philippines Says in Talks with Saudi Arabia for Oil Storage
The Philippines is in talks with Saudi Arabia, Russia and the United States to store oil in the country, its energy secretary said on Wednesday, 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 plans to increase diesel and gas-fired power output to make up for an estimated 60% decline in hydropower and 20% fall in solar output in the first half of 2027 due to the El Nino weather phenomenon, Secretary Sharon Garin told Reuters.
