NextGen Day

MANILA, Philippines — Secretary of the Department of Energy (DOE) Alfonso Cusi is asking Filipinos to continue to practice energy efficiency and conservation while global petroleum prices stay high.

The risk of rising oil prices continues, according to the Oil Industry Management Bureau (OIMB), as peace talks between Russia and Ukraine have come to a halt, lowering hopes for a resolution to the war.

It also heightens fears of a possible Russian oil embargo by the European Union (EU).

“Discussions on a possible Russian oil embargo are ongoing.” While the EU has not enforced a restriction on Russian oil imports, French Finance Minister Bruno Le Maire recently stated that an EU-wide embargo on Russian oil could be implemented,” it continued.

The Organization of Petroleum Exporting Countries and its Allies (OPEC+) has stated that replacing the 7 million barrels per day of Russian oil and other liquid exports that would be lost if sanctions or voluntary actions were implemented would be impossible.

According to the OIMB, OPEC has limited gasoline spare capacity because few nations could keep capacity in reserve while boosting production.

Iran may also inject more than a million barrels of oil per day into the global market. This, however, would only be conceivable if nuclear discussions were to succeed.

“In collaboration with our downstream oil industry players, the DOE is actively monitoring global oil supply and price changes.” “We’re working hard to exhaust all options for ensuring consumer welfare at this difficult period,” Cusi remarked.

He also stated that the Philippines is not immune to the effects of the continuing Russia-Ukraine conflict.

“As a result, we would want to make a sincere appeal to everyone to incorporate energy efficiency and conservation into our daily lives in order to assist control costs,” he added.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

Need to get in touch?

Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. Simple Ways To Say Thanks & Support Us:
1.) GIVE A TIP. Send a small donation thru Paypal
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---