DoE assures no oil supply disruption

February 26, 2011, 12:35am

MANILA, Philippines – The Department of Energy (DoE) has allayed fears about any possible disruption in the oil supply requirements of the Philippines.

At the International Energy Forum (IEF) held last February 22 at Riyadh, Saudi Arabia, Energy Undersecretary Jay Layug re-affirmed the projections of the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) of the 2011 oil market situation.

The market is characterized by a high level of spare capacity, in both upstream and downstream, relatively high Organization for Economic Cooperation and Development (OECD) commercial inventories and increases in oil supply.

The IEF reiterated the Joint IEA-IEF-OPEC Report on the Symposium Energy Outlooks held last January 24, 2011, also in Riyadh, that oil resources, both conventional and non-conventional, are sufficient to meet future demand.

The IEF is the world’s largest gathering of energy leaders from powerful countries accounting for more than 90 percent of the global oil and gas supply and demand.

It is in the interest of global energy security that IEF created an enhanced framework for shared analysis of the dynamics of energy trends and greater data transparency to provide a more in-depth understanding of what is actually happening in the energy market, oil inventories, and movements in supply and demand.

It is in this context that Layug confidently advises the Philippine consuming public that there are no oil supply shortage issues.

Based on official reports, OPEC has assured that there is sufficient global oil supply to address global demand for oil in the short and medium term periods.

In its efforts to ensure supply security, the DoE has also obtained assurances from the two major players in the downstream oil industry, Shell and Petron, that there is nothing to worry about.

“The current volatility in the market is unfortunately influenced by political events in some Middle East countries,” added Layug.

The IEF members encouraged IEA, OPEC and IEF to continue their efforts and take the IEF work forward in order to help mitigate energy market volatility. (JAL)

Source: http://www.mb.com.ph/articles/306337/doe-assures-no-oil-supply-disruption

Reaction:

I'm happy because our country has no problem about oil shortage and that we have a lot of oil for this year. We should all be happy because we can still us vehicles for our transportation like motorcycles, tricycles, jeeps, taxis, vans and other kinds of transportation that uses oil. We should also be grateful that the price of oil didn't increase and that we have many supply of oil. We should also be happy because ambulances for emergency can be used, firetrucks when there are fires, police cars to patrol and solve crimes. Due to the fact that we have many oil supplied.

But when we do have an oil shortage I suggest that instead of using vehicles that uses oil we use bicycles, our own to feet or walk, electric cars, solar powered cars and other energy saving vehicles to lessen the consumption of oil. We should try to spread this message to others so that we can all help lessen the use of oil and so that we will not have a shortage based on oil.