Philippines may buy Russia crude oilMANILA, Philippines — With the United States’ recent suspension of oil sanctions on Russia, the Philippines and some local players are negotiating with Russian firms for supply contracts as deliveries from the Middle East are expected to tighten further. Garin said the government, through the Philippine National Oil Co. or PNOC – along with some local players – has been in talks with Russian firms for the purchase of crude. The Philippines has only one refinery to process crude into fuel products: the Petron refinery in Limay, Bataan. The US has temporarily allowed Russia to sell crude oil already at sea until April 11. This will inject millions of barrels into the energy market, where prices are now hovering around $100 a barrel.

Source: Philippine Star March 17, 2026 01:01 UTC