RP oil stocks good for 55 days, says DOE

The country still has sufficient oil supply that could last for 55 days, a ranking Department of Energy (DOE) official said.

Energy Undersecretary J.V. Emmanuel de Dios said with this level of reserves, the DOE has no plans of increasing the required minimum oil inventory of oil firms.

But de Dios said if the need arises, the energy authorities can easily require the oil companies to increase their reserves.

"So far, we should not worry about oil supply. There is no need to increase the level of reserves of the oil firms. But we can easily ask them to increase it if we have to," he said.

De Dios said that they are likewise not yet considering an oil rationing scheme. "Supply is never an issue. It is always the price that we should watch. The situation is not as intense as during the US-Iraq war," he said.

The DOE has been continuing its effort to help arrest the rising global oil prices.Over the weekend, Energy Secretary Vincent S. Perez led in urging the Organization of Petroleum Exporting Countries (OPEC) to hike their production.

Perez has called on OPEC to "act with great urgency and increase oil production to halt any further rise in international crude prices."

In a speech before energy ministers from 55 countries gathered at the 9th International Energy forum in Amsterdam, Perez highlighted the adverse impact the recent oil price surge on Asian consumers.

He chided OPEC for "changing the rules of their own price band mechanism with created the current uncertainly in oil price stability."

The Philippines’ call for lower prices was echoed by India, Japan and the USA during the forum.

Perez earlier initiated private dialogues with his counterparts from Saudi Arabia and Kuwait, both leading OPEC member countries and are close allies of the Philippines.