Petron, PTT PH Assures Public of Oil Supply

Following the drone attacks on two of Saudi Arabia's oil production facilities last week as claimed by Yemen's Houthi rebels, local oil companies Petron Philippines and PTT Philippines have announced that their supplies were enough for the market.

"We wish to assure the public that there will be no supply disruption from our end," Petron said in a statement on Monday, September 16, two days after the incident. "We have adequate supply to support our domestic requirements."

A day later, on September 17, PTT Philippines made a similar announcement following the latest round of oil price adjustments most local petroleum companies made earlier that day.

"Amidst this development, we would like to assure the public that we have enough supplies for the domestic consumption based on our current inventories," PTT Philippines said. "Nonetheless, we are closely monitoring any developments in the world market if the Saudi attacks will adversely affect the stability of the supplies of crude oil."

Following the attacks, the Department of Energy (DOE) said that it was still premature to give assessments on the impact of the attack on domestic oil prices, but stressed that it continues to monitor developments in the international market.

The Philippine government, through the Department of Foreign Affairs (DFA), condemned the attack as "deplorable."

"The Philippine Government strongly condemns the attack on civilians and non-military facilities in the Kingdom of Saudi Arabia," the DFA said in a press statement. "The drone strikes against Saudi Aramco facilities on 14 September 2019 are unjustified and deplorable."

Although the attacks have forced Saudi Arabia to suspend its oil production by 50 percent, which corresponds to nearly two million barrels per day, Saudi Arabia Energy Minister Abdulaziz bin Salman Al Saud has said that production will be fully restored by the end of September.