MANILA, Philippines — Oil supplies are safe and rising prices are not bound to get higher even after a mammoth container ship got stuck and blocked one of the world’s busiest shipping lanes. The Philippines, as net oil importer, sees no reason to get worried supplies from abroad will get delayed. Related Stories Suez Canal blockage to impact Philippine trade“Oil supply routes for the Philippines don’t go through the Suez Canal,” the energy department said. Assurances of a stable oil supply is welcome, especially after fuel has started becoming a source of inflation since last month, compounding tight pork supplies. The Philippines imports over 80% of its annual oil requirements abroad, but it does so from countries like Saudi Arabia and Qatar that do not use Suez Canal to ship oil to Asia.

Source: Philippine Star March 29, 2021 09:22 UTC