‘Philippines to feel the most pain if global oil prices hit $100 per barrel’MANILA, Philippines — The Philippines could be hit the hardest should world oil prices spike to $100 per barrel by the end of the year, according to analysts at Oxford Economics, who expect oil price to motor this year amid expectations of tight global supply. “We see increased risks of significantly higher oil prices. Oil kingpin Saudi Arabia meanwhile on Wednesday said it had no immediate plans to raise oil output to offset the move by Washington. On the flipside, oil exporters Russia, Saudi Arabia and UAE could benefit most from soaring oil prices. High oil prices partly fanned Philippine inflation in 2018, which saw consumer price growth hit a near-decade peak in September and October before it started to ease.

Source: Philippine Star April 26, 2019 08:04 UTC