Philippines moves to secure long-term oil supply arrangement with Russia

Philippine President Ferdinand R. Marcos Jr. said the country is working toward a long-term arrangement to buy oil from Russia as it looks to reduce reliance on Middle Eastern crude shipped via the Strait of Hormuz. The Philippines imported in April its first cargo of Russia’s Far Eastern ESPO crude in six years. Before the war, the country sourced 98% of its oil from the Middle East, and it declared a national energy emergency in March.