Philippines Emphasizes Regional Coordination to Mitigate Energy Security Risks Amidst Middle East Tensions
MANILA, Philippines (AP) — The Philippines, currently chairing the Association of Southeast Asian Nations (ASEAN), is closely monitoring oil supplies and preparing for potential market disruptions stemming from escalating military tensions in the Middle East, Energy Secretary Sharon Garin said Monday.
Garin underscored the importance of regional coordination through ASEAN to address potential repercussions on energy security and market stability. The recent escalation follows extensive military developments that have disrupted maritime and air transport, particularly impacting shipping routes through the Strait of Hormuz.
“The Philippines, as ASEAN chair this year, is closely following oil supply levels and will hold an emergency meeting with oil companies to ensure domestic market stability,” Garin stated in a radio interview with station DZMM.
The Strait of Hormuz is a critical artery for global oil flows, with approximately 20% of the world’s oil supply passing through it. Any prolonged disruption, Garin warned, could directly impact supply chains and prices.
Philippine regulations require oil companies to maintain a minimum 30-day inventory, and the government’s priority is to prevent any shortages in the local market, she added.
Garin acknowledged that global market volatility, coupled with increased shipping and insurance costs, is likely to drive up prices. “Price increases are expected in these circumstances,” she said.
The situation unfolds against a backdrop of a large-scale military attack on Tehran and other Iranian cities by Israel and the United States, resulting in the deaths of several senior Iranian leaders, including Supreme Leader Ali Khamenei, Secretary of the Supreme National Security Council Ali Shamkhani, Revolutionary Guard Commander General Mohammad Pakpour, Chief of Staff Lieutenant General Abdulrahim Mousavi, and Defense Minister Aziz Nassirzadeh, along with other high-ranking military officials.
Further escalating tensions, Lebanon witnessed a new surge in violence Monday with rockets launched from its territory towards Israeli-occupied territories, followed by Israeli airstrikes on southern Lebanon and the southern suburbs of Beirut.
