PH will be ‘deeply’ affected, soaring oil prices soon to come

Philippine Foreign Secretary Teodoro Locsin stated that the 10 drone attacks that targeted Saudia Arabia’s Aramco oil facilities will deeply affect the country with a steep rise in oil prices.

Credit: Pixabay

According to the Houthi-run Al-Masirah news agency, 10 drones targeted the states Saudi Aramco oil facilities and the Yemen Houthi rebels have taken responsibility for these attacks.

“This is serious,” Locsin tweeted. “It will – not could – affect us deeply; to put it bluntly, an oil shortage or steep rise in oil price will rock the Philippine boat and tip it over.”

After the rebel hit two plants of Saudi Aramco, a giant oil company, which managed to shut down 6% of the global oil supply.

DOE Oil Industry Management Bureau Assistant Director Rodela Romero said that there has not been adverse effect in the country yet based on the reports but they are to meet with local oil company representatives to further determine the gravity of the situation.

Base sa monitoring natin, may enough minimum inventory requirement sila base sa report nila. More than the minimum inventory requirement ang ating supply na nasa bansa,” Romero said in an interview with CNN Philippines.

[Rough translation: Based on our monitoring, oil companies reported having enough minimum inventory requirements. The current supply is more than the minimum requirement.]

Based on DOE data, one-third of the country’s oil supply comes from the United Arab Emirates, while about 26 percent is sourced from Kuwait.

Currently, the Department of Energy (DOE) states that this event has not yet affected the Philippines.

What are your thoughts on the possible oil hike? Share your thoughts in the comments section below!






Related Stories