The Philippine National Oil Company (PNOC) is studying the possibility of building a strategic reserve in the midst of unstable oil prices and the decision of major oil producers to restrict oil supply in the global market.
“[Stockpiling] will be evaluated. Money is needed, as well as infrastructure because we really don’t have the necessary infrastructure,” Department of Energy (DOE) Secretary Alfonso Cusi said.
“Our reserve is good for 30 days unless we come up with a policy, but that will take time,” he added.
Strategic stockpiles act as reserves that are released during times of supply disruption, and act to stabilize prices.
“This is a deregulated industry so it will either be going up or down depending on market outlook,” Cusi said.
