Metro Manila (CNN Philippines, September 17) — Local oil companies said they have enough supply to meet domestic needs in light of the attack on refineries in Saudi Arabia, which is one of the world’s biggest fuel producers.
Saudi Aramco’s oil processing facilities in Abqaiq and Khurais were hit by drone strikes Saturday. This disrupted about half the kingdom’s oil capacity, or five percent of the daily global supply.
Saudi Arabia supplies about 9.8 million barrels of oil per day. Saudi’s Energy Minister Prince Abdulaziz bin Salman said the strikes affected 5.7 million barrels of crude oil and gas production.
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In separate statements, Pilipinas Shell Petroleum Corporation, Chevron Corporation, and Petron Corporation said they are “closely monitoring” the situation, while assuring the public they can meet fuel needs.
“Petron Corporation regrets the recent attacks made on Saudi Aramco’s refinery facilities, affecting oil output on an international scale,” the company said in a statement. “We wish to assure the public that there will be no supply disruption from our end. We have adequate supply to support our domestic requirements.”
Raissa Bautista, public relations manager of Chevron’s Caltex gas stations, said the firm has a “very healthy inventory of fuels” that’s well above the 15-day minimum requirement set by the Department of Energy (DOE).
Shell said it is looking forward to seeing Saudi Arabia’s situation put under control, adding that it will “exert all effort to ensure continuous supply of fuel to the motoring public and all our customers.”
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The DOE said the Philippines has enough oil supply so far, adding that the country only sources 12.2 percent of its needs from Saudi Arabia.
Yemen’s Houthi rebels took responsibility for the attack, but the United States government pinned the blame on Iran. A report from CNN said oil prices have slightly pulled back on Tuesday after surging immediately after the Saudi attack.
