Philippines secures 2.48 million barrels of Russian oilA fisherman paddles before the Sierra Leone-flagged Sara Sky, which is carrying crude oil from Russia, anchored at Limay port, Bataan province on March 26, 2026. MANILA, Philippines — Petron Corp., the Philippines’ only oil refiner, has procured 2.48 million barrels of Russian crude, with more orders from Moscow likely amid ongoing disruptions in the Strait of Hormuz. “Acting out of extreme necessity and considering the abrupt cut in supply, the corporation was thus constrained to procure Russian crude oil, which at that time was available and the only viable crude,” Petron said in a statement yesterday. A second shipment of two million barrels was later canceled on March 7 due to increased risks in the strait and the Red Sea. “Based on these engagements, the corporation’s understanding was that there were likewise no domestic legal prohibitions on the importation of Russian crude oil,” Petron said.

Source: Philippine Star March 30, 2026 16:36 UTC