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SAUDI Arabia
recently assured the Philippines it will make up for the
slack in its oil requirements should future oil supply
from other sources be disrupted.
This was
conveyed by Petroleum Minister Al-Naimi in a meeting in
Riyadh with Energy Secretary Raphael Lotilla. The
Philippine energy chief gave no further details.
In 2006,
Lotilla said 56 percent of the country’s crude supply
came from Saudi Arabia or a volume of 43.83 million
barrels. Ninety-five percent or 74.35 million barrels of
Philippine crude supply in 2006 came from the
Middle East or
West Asia.
Saudi Arabia
recently hosted a meeting between the oil ministers of
West Asia (Iran,
Kuwait, United Arab Emirates, Qatar, Oman, Iraq, and
Bahrain) and energy ministers from East Asia (Japan,
China, Korea, India, Indonesia, Pakistan, Philippines,
Brunei, Thailand) to discuss energy interdependence and
cooperation between the two regions. |
