Foreign Affairs Secretary Theresa Lazaro said the Philippines is considering importing oil from Russia amid rising global prices caused by the ongoing conflict involving the United States, Israel, and Iran.
Lazaro emphasized that the Department of Energy (DOE) will make the final decision on the matter.
“That is something which is being considered but I will leave this to the Cabinet member in charge of this and that is the Department of Energy,” Lazaro said.
The announcement comes after the United States lifted sanctions on Russian crude oil to stabilize global energy markets following the closure of the Strait of Hormuz by Iran, which contributed to higher oil prices. The White House said on Friday, March 13, that there is temporary authorization for the purchase of stranded Russian oil at sea.
Malacañang and the DOE have yet to issue statements on the matter.
President Ferdinand Marcos Jr. previously said the Philippines is exploring alternative sources of oil due to the price surge caused by ongoing Middle East tensions, while assuring that the country’s oil supply remains stable.