Oil

President Ferdinand Marcos Jr. said on Friday that the Philippines has sufficient crude oil supply until the end of June, thanks to shipments by Petron Corporation. The assurance comes amid concerns over global supply disruptions from the Middle East conflict. He outlined government measures to mitigate the impact.

March 25, 2026 Reported by AI

Colombia's National Environmental Licensing Authority (Anla) has approved Frontera Energy Colombia's VIM-46 oil exploration project in Magangué. The initiative involves drilling up to 55 wells from a maximum of 11 platforms and installing production infrastructure. The approval comes with strict environmental compliance conditions.

At the Southern Africa Oil and Gas Conference in Cape Town, Minister Gwede Mantashe urged harnessing South Africa's oil and gas resources amid disruptions from the US-Israeli war on Iran. He stressed legislative urgency to avoid litigation delays. Industry leaders echoed calls for diversified energy portfolios.

March 21, 2026 Reported by AI

The International Energy Agency (IEA) recommended 10 measures, including telework and license plate rotation, to mitigate the impact of high oil prices from the Middle East conflict. These aim to reduce demand in road transport, aviation, and industry. Executive director Fatih Birol warned of the largest supply disruption in oil market history.

The Philippine peso closed at a record low of P60.10 against the US dollar on Thursday, March 19, amid surging global oil prices from the Middle East conflict. The weakening currency raises costs for imports, especially oil which the country heavily relies on.

March 18, 2026 Reported by AI

Frank Pearl, president of the ACP, stressed that Colombia must strengthen its energy security without relying on other countries. This comes amid Venezuela's first gas shipment and a drop in national oil and gas production in 2025.