PH oil supply extended 64 days after new orders
The country’s estimated oil supply has been extended to 64 days following new orders that have been secured, the Department of Energy (DOE) told the Senate on Monday.
DOE Secretary Sharon Garin informed the Senate Proactive Response and Oversight for Timely and Effective Crisis Strategy (Protect) committee of the country’s available oil supply as of April 10.
In the DOE report, the average oil supply of the country covers 50.31 days. But Garin also said there was an additional order for 14 days.
According to the agency’s inventory, the supply per petroleum product is estimated as follows: 54.38 days for gasoline; 48.9 days for diesel; and 36.27 days for liquefied petroleum gas.
Storage capacity limited
Also itemized in the inventory are 104.73 days for kerosene; 67.65 days for jet fuel; and 45.96 days for fuel oil.
When asked about supply assurances that would last 90 to 120 days, Garin said the country’s oil storage cannot accommodate that much supply.
“They don’t normally extend that long because the storage capacity isn’t enough… It rolls over,” she said.
She also noted that the DOE cannot make an advanced estimate because each supplier varies in assuring delivery of contract.
“It’s a case-to-case basis because it’s country-to-country. For example, South Korea, as long as you have long-term contracts, they’ve committed to honor. China, for example, even if you have a long-term contract, but if your contract is with a government company, then it will not be delivered, Mr. Chair. But if it’s private, it’s allowed,” she said.
Still, the energy chief said that should “everything stay the same as today,” the country will continue to have a 50-day average oil supply that gets replenished upon consumption.
