President Marcos Jr. seeks to secure stable oil imports from Russia to counter Middle East supply disruptions and economic strain.
The Philippines is negotiating a long-term oil supply agreement with Russia to stabilize energy imports. The move follows spot purchases from Russia to offset shortages caused by Middle East conflicts, which have severely impacted the country’s economy.
The Philippines has struggled with rising fuel costs and supply instability, prompting a shift toward diversifying sources. Previous reliance on Middle East cargoes proved unreliable amid geopolitical tensions, accelerating the push for alternative suppliers.
No immediate market reaction was reported, but the deal could reduce volatility in the Philippines’ energy sector if finalized.