Philippines Secures 2.48 Million Barrels of Russian Crude

The Philippines has secured 2.48 million barrels of Russian crude oil through its sole refinery operator, Petron Corp., as the country grapples with severe fuel shortages triggered by the ongoing war between the United States, Israel, and Iran. The procurement, announced in a filing to the Philippine Stock Exchange on March 30, comes amid a national energy emergency declared by President Ferdinand Marcos Jr. on March 24, following the partial closure of the Strait of Hormuz that has disrupted nearly all of the nation's oil imports from the Middle East.

The conflict erupted on February 28, when U.S. and Israeli forces launched a military campaign against Iran, prompting Iranian authorities to block merchant vessel passage through the strait. This vital shipping route, through which about 98 percent of the Philippines' crude oil typically flows, led to the cancellation of two Petron shipments totaling four million barrels in early March—one blocked at the strait and another due to risks in the Red Sea. Petron, which controls about 30 percent of the domestic fuel market, described the Russian purchase as an "extraordinary emergency measure" taken only after exhausting other...