Market Chatter: Philippines Secures US Extension to Import Oil from Russia
The U.S. has approved an extension of the Philippines' waiver to import Russian oil and petroleum products, Business World reported Monday, citing the Philippine energy department.The new approval runs from April 17 to May 16. Energy Undersecretary Alessandro Sales said the one-month extension applies broadly to all eligible buyers. Energy Secretary Sharon S. Garin said the country currently holds 54 days of fuel reserves, indicating adequate near-term supply stability.The previous waiver, issued in March, expired on April 11 after allowing temporary Russian oil imports, reportedly.Meanwhile, the government will maintain its moratorium on new coal projects despite industry pressure, although projects approved before 2019 may still proceed as the Department of Energy reviews existing approvals and potential retirements, the news outlet said.(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.)