25 Mar 2026

The Philippines has become the first country to declare a national energy emergency amid the Iran conflict

with just 45 days of fuel reserves remaining. President Ferdinand Marcos Jr. signed Executive Order 110, warning of an “imminent danger” to the country’s energy supply. The order, in effect for one year, allows the government to directly procure fuel, enforce rationing, and control distribution of essentials like food and medicine. The vulnerability is stark. The Philippines imports 98% of its oil from the Gulf. Its top suppliers—Saudi Arabia ($1.79B), the UAE ($1.22B), and Iraq ($474M)—are all directly affected by the conflict. With the Strait of Hormuz effectively shut, these supply routes are under severe strain, and Saudi exports to Asia have already been cut for a second straight month. Domestically, the country produces just 14,300 barrels per day but consumes around 474,000—a massive 97% shortfall. This is what a global energy shock looks like in real time. Source: TFTC

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