Philippines Declares Energy Emergency Amid Iran War Disruption

The Philippines has declared a national energy emergency due to the ongoing US-Israeli war with Iran. The conflict is causing strain in Asia, leading to a potential energy crisis as oil delivery through the Strait of Hormuz is disrupted.

Philippine President Ferdinand Marcos Jr. stated that the war threatens 'the availability and stability of the country's energy supply.' This declaration allows the government to control fuel prices and expedite imports from alternative suppliers, such as Russia.

The Philippines has sufficient fuel for about 45 days at typical consumption levels. The country is not alone in its concerns; South Korea has launched a nationwide energy-saving campaign, while Japan will soon release oil from its emergency reserve, equivalent to a 30-day supply.

Fatih Birol, the executive director of the International Energy Agency (IEA), warned that the current oil crisis surpasses the combined effect of worldwide energy shocks in the 1970s. He noted that no country will be 'immune to the effects of this crisis if it continues to go in this direction.'