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Market Chatter: Japan to Help Philippines Expand Oil Reserves Amid Iran War Risks

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Japan will help the Philippines strengthen its oil reserves amid energy supply disruptions caused by the Iran war, Nikkei Asia reported Thursday.

Under the plan, experts from Japan's Ministry of Economy, Trade and Industry, international organizations, and private firms including Chiyoda will work with Philippine energy officials to develop a framework for expanding the country's oil reserves by the end of 2026, according to the report.

Japanese Prime Minister Sanae Takaichi and Philippine President Ferdinand Marcos Jr. are expected to reach an agreement during their summit in Tokyo on Thursday, the news outlet reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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