MANILA, Philippines — The recent drone-and-missile strike on Saudi Arabia’s major oil sites has prompted President Rodrigo Duterte to order his Cabinet to look into other sources of oil.
“Well, the President said that he had already tasked the concerned government agencies to look for other possible sources of oil to keep our supply sufficient,” presidential spokesman Salvador Panelo, speaking partly in Filipino, said in a Palace briefing.
Saudi Arabia was the top supplier of crude oil to the Philippines last year.
The country imported 33.7% of its crude from the Middle East kingdom as of 2018, according to the Department of Energy (DOE).
Surging crude prices would lead to higher prices of goods and services — and a large import bill — which could weaken the peso against the dollar.
The DOE earlier said it would ask the President to create a task force that would tackle possible oil supply problems following the attack in Saudi Arabia, which took place on Saturday, Sept. 14.
“We will wait for the request. and the Palace, the Office of the President. will study it,” Panelo said of the DOE proposal.
Energy Secretary Alfonso Cusi earlier said that the Philippines would not have any supply disruptions, but he noted that the effect of the attack would likely be felt through fuel prices.
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