Philippines in oil storage talks with Saudi, Russia, US to hedge Iran war price spikes

The Philippines, which imports nearly all its energy, is negotiating with Saudi Arabia, Russia, and the US to store oil domestically as a hedge against price spikes from the Iran war. Separately, it plans to boost diesel and gas-fired output to offset an estimated 60% drop in hydropower and 20% fall in solar output in H1 2027 due to El Niño. The move signals diversification of energy security partnerships amid geopolitical tensions.

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