Philippines declared a state of emergency in the energy sector due to fuel shortage

The Philippine authorities have declared a state of emergency in the energy sector due to fuel shortages amid the conflict in the Middle East. This was reported on March 25 by the Bloomberg news agency.

"There is an immediate danger of a critical decline in energy supply," said Philippine President Ferdinand Marcos Jr.

According to him, urgent measures must now be taken to "ensure the stability of energy supply, the continuity of economic activity and the provision of basic services."

The agency recalls that the last time the country declared a state of emergency was during the COVID-19 pandemic in 2020. This time, the Philippines became one of the first countries to declare a state of emergency due to the fuel crisis.

According to Bloomberg, the country imports almost all of its oil from the Middle East. As of March 20, the Philippines had 45 days of oil reserves.

"In a state of emergency, the president will form a committee that will ensure the availability of fuel, food, medicines, agricultural products and other basic necessities. He will also oversee energy supply management measures, as well as provide support to consumers and affected sectors," Bloomberg writes.

Dear and nervous: the world is on the verge of gas shock

Attacks on energy infrastructure in the Middle East will drive up prices worldwide

The Financial Times newspaper reported on March 22 that the world is facing a sharp reduction in LNG supplies, as the last tankers from the Persian Gulf countries are now arriving at their destinations. It was clarified that the situation was related to the suspension of exports from Qatar, which provides about a fifth of the global LNG market, after the blockade of the Strait of Hormuz and strikes on the largest Ras Laffan complex.

All important news is on the Izvestia channel in the MAX messenger.