MANILA — The Philippine government is on the lookout for “adequate” oil supply from Saudi Arabia in light of weekend drone attacks at the latter’s oil facilities, a finance official said Wednesday.
Saudi Arabia’s promise that its oil output will return to normal by the end of the month means that the Philippines no longer has to implement measures to curb its impact, Finance Undersecretary Karl Kendrick Chua said.
“Wala po tayong impact sa ating (there is no impact on our) oil supply so there is no further action needed. We just have to monitor that the supply coming from the Middle East is indeed adequate,” he told reporters.
Energy Secretary Alfonso Cusi on Wednesday assured the public that Manila has enough oil supply to "keep the economy running.”
“The supply that we have is sufficient to keep our economy running. We have enough inventory to last for 30 days,” he said.
Saturday's attack on Saudi Arabia's oil facility reduced global supply by 5.7 million barrels per day (bpd) or equivalent to 5 percent of global supply, Reuters reported.
Disruption in the world's biggest crude exporter may result in increased costs for petroleum products worldwide, analysts said.
Lawmaker Joey Salceda, who heads the House Committee on Ways and Means, meanwhile warned oil companies against taking advantage of the situation to increase prices.
“Ang pakiusap ko lang po sa (My request to) oil companies ay don’t exploit,” he said.
He also assured the public that the government would not make a “knee-jerk reflex reaction” over the matter.
“If there’s one thing this administration will not be known for is knee-jerk reflex reaction,” he said.