Philippine oil import bill drops 12% in 2016
- March 14, 2017
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Data from the Department of Energy (DOE) showed that the Philippines’ net import bill in 2016 amounted to $6.78 billion, 12.4 percent lower from 2015’s $7.73 billion.
The Net import bill is the difference between oil imports and exports
The country imported a total of 164,880 million barrels in 2016 versus previous year’s 154,336 million barrels.
Total product import cost last year averaged $42.16 per barrel. Lower than 2015’s average cost of $51.8 per barrel.
However, the total oil import in 2016 only amounted to $7.45 billion; a 13 percent decrease from the previous year’s $8.61 billion.
Imports in included 52.22 percent finished products and 47.78 crude oil.
87 percent of the imported crude oil came from the Middle East; 36.1 percent from Saudi Arabia, 33.6 percent from Kuwait; and 13.3 percent from UAE.
The country also sourced 6.7 percent from Russia and 6.3 percent from the ASEAN region.
Meanwhile, the Philippines exported a total 15,576 million barrels of oil amounting to $675 million.
This is versus the previous year’s 16, 429 million barrels that cost $878.7 million.