The Department of Energy (DOE) assured the public that China’s upcoming restriction on petroleum exports will not disrupt the domestic fuel supply.
Energy Secretary Sharon Garin explained that China’s decision stems from efforts to rebuild its national strategic reserves following previous large-scale inventory releases.
Garin said China is stockpiling oil after releasing a significant portion of its reserves in the past.
Garin also said the DOE conducted consultations with Philippine fuel importers to evaluate potential exposure to the trade restriction.
”DOE has also checked with oil companies in the Philippines and found that the planned export ban would have no impact on their supply,” Garin said.
Garin also said local oil firms maintain binding procurement agreements that safeguard the country’s inventory requirements.
”Local oil companies have long-term supply contracts that they strictly follow,” Garin also said, adding that these existing commitments guarantee the steady availability of petroleum products nationwide.
China’s export halt comes as Beijing moves to secure internal energy reserves against anticipated surges in global crude prices driven by ongoing Middle East conflicts.