Friday, May 25, 2018

PHL eyeing oil from Non-OPEC countries


By Bernadette D. Nicolas -  May 24, 2018

THE government is looking to get oil from countries outside the Organization of Petroleum Exporting Countries (Opec) in order to cushion the impact of rising oil prices, Malacañan Palace said on Thursday.
Presidential Spokesman Harry L. Roque Jr. noted that the same tack is being done by China.
“I have talked to people in government, and there is a possibility of importing cheaper oil from non-Opec members like Russia and America. China is also getting its oil from the stockpile of America,” Roque said, and the Philippines is studying if “we can also do the same move like what China did.”
The government, however, is still exploring its options and has asked for the public’s understanding of the fact that rising oil prices are something the government cannot control.
Nonetheless, he reiterated the built-in mechanism that the government can resort to if global oil prices reach $80 per barrel.
Roque said, at this point the government may suspend collection of higher fuel excise tax.

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