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