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Philippines Exploring Russia as Potential Crude Source

OIL

Philippine President Ferdinand Marcos Jr is encouraging firms to source crude and oil products from the most competitive sources – including Russia as he seeks to keep costs as low as possible for the country.

  • The country’s energy minister said that the final decision to buy Russian fuel lies with the oil companies which are operating in a deregulated environment.
  • Russian crude flows to Asia have slipped back through the second half of the year after the initial rush shortly after the invasion of Ukraine. Russia is eager to keep pushing crude and product volumes to Asia higher, especially now European bans loom.
Energy BulletsCommodities
Energy BulletsCommodities

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