Philippines holds oil storage talks with Saudi Arabia, Russia, US

The Philippines is in talks with Saudi Arabia, Russia and the United States to store oil in the fuel-import-dependent nation, in a bid to hedge against fuel price spikes driven by the Iran war.

The Southeast Asian nation, which imports nearly all ‌its energy needs, also planned to increase diesel and gas-fired power output to make up for an estimated 60 per cent decline in hydropower and 20 per cent fall in solar…