Philippines seeks oil supply assurance from Asian neighbors<\/p>\n
Agence France-Presse, Manila<\/p>\n
The Philippines is seeking commitments for steady oil supplies
\nfrom Asian neighbors amid a possible embargo from the 48-member
\nOrganization of Islamic Conference (OIC), an official said
\nThursday.<\/p>\n
Foreign Secretary Blas Ople had already held talks with
\nofficials from Indonesia, Brunei and Malaysia on oil supply
\nsecurity, said Rey Parungao, a member of a government panel
\npreparing contingency plans in case of a war in Iraq.<\/p>\n
OIC members earlier this week discussed in Kuala Lumpur the
\npossibility of using oil as an instrument to fend off a US-led
\nwar against Iraq.<\/p>\n
Malaysian Prime Minister Mahathir Mohamad warned that meddling
\nwith the oil market could backfire on poorer nations, but said it
\nmust be considered.<\/p>\n
Parungao warned of dire consequences on the Philippine economy
\nand other poor nations, as well as industrialized countries, if
\nthe OIC threat materializes.<\/p>\n
\"This is fearsome, really fearsome if this is a pronouncement
\ncoming from such leaders as Mahathir,\" he said.<\/p>\n
The Philippines imports the vast majority of its oil from the
\nMiddle East but in recent months, officials have been seeking
\nalternative sources in the event that supplies are affected by
\nthe outbreak of war in Iraq.<\/p>\n
Last month, oil companies in the Philippines were told to keep
\na minimum inventory of up to 30 days in oil supplies to avert a
\nshortage in case war breaks out.<\/p>",
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