The Philippines, being an oil import-dependent country, is heavily affected by movements in the world oil market. In 2018, US produced 11 million barrels per day and has already consumed approximately 20 million barrels per day. Even though such is the case, oil price still continues to spike. Faced with the above uncertainties and energy transition, volatility will likely to continue in oil market fundamentals, thus affecting oil prices. But until such time that these long-term solutions are put in action, Philippine consumers will continue to be vulnerable to global oil price increases.

Source: Manila Times September 27, 2018 16:18 UTC