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Business

Philippines holds oil storage talks with Saudi Arabia, Russia, US

Marcus Chen
Marcus Chen
Marcus Chen
Managing Editor · St. Paul, MN

Marcus manages the day-to-day editorial workflow across all brands, coordinating coverage assignments and ensuring editorial standards are met. He previously served as city editor at the Pioneer Press and holds a degree in Political Science from Carleton College.

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Managing Editor · Wednesday, October 28, 2026 at 10:12 AM · 1 min read
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Philippines holds oil storage talks with Saudi Arabia, Russia, US — Shanghai Business news

The Philippines is in talks with Saudi Arabia, Russia and the United States to store oil in the fuel-import-dependent nation, in a bid to hedge against fuel price spikes driven by the Iran war. The Southeast Asian nation, which imports nearly all ‌its energy needs, also planned to increase diesel and gas-fired power output to make up for an estimated 60 per cent decline in hydropower and 20 per cent fall in solar output in the first half of 2027 due to the El Nino weather phenomenon, Energy...

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