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US-Venezuela tension won’t affect PH oil price —DOE
The Department of Energy (DOE) stated that the Philippines' oil supply is unlikely to be affected by the situation in Venezuela, although temporary price increases due to speculation are possible.
According to DOE Oil Industry Management Bureau director Rino Abad, Venezuela's daily oil exports of approximately 1 million barrels represent less than 1% of global supply.
Abad explained that China is the primary buyer of Venezuelan oil and would likely secure alternative sources for its consumption needs.
The Philippines does not directly import oil from Venezuela, thus insulating its supply from any direct impact.
The DOE official acknowledged that market speculation could lead to a temporary rise in oil prices locally.
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