Philippines Moves to Formalize Long-Term Russian Oil Supply Deal

The Philippines is seeking to formalize a long-term oil supply agreement with Russia, President Ferdinand R. Marcos said on June 19, 2026. Marcos stated that Manila is “beginning to put that system in place” to secure an assured supply of petroleum products.

Before the Middle East conflict, the Philippines imported 98 percent of its oil from the Middle East. The country declared a national energy emergency in March 2026 after supplies through the Strait of Hormuz were disrupted. In April 2026, the Philippines received its first cargo of Russia’s ESPO crude in six years.

Until then, Manila had sourced Russian oil only on an ad-hoc spot basis to offset reduced Middle East deliveries. Marcos said the arrangement began as a response to the oil crisis caused by the war in the Middle East. “In terms of energy, there have been no firm agreements, but merely an understanding that we will continue to develop what we had already started,” he said.

The president added that the Philippines will keep seeking “non-traditional partners” for petroleum-product supply even after the Middle East conflict ends. “It will be very good for the Philippines to have another assured lifeline when it comes to petroleum products,” Marcos said.

com reported that the move is intended to reduce the country’s dependence on crude that must transit the Strait of Hormuz.