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Petron Secures 2.48M Barrels of Russian Crude Amid Crisis

3/29/2026

40 6 Full Breakdown

Summary

Story summary

Petron Corporation (Petron Corp.) secured 2.48 million barrels of Russian crude.
Petron Corporation said it made the purchases out of "extreme necessity" due to Strait of Hormuz disruptions caused by the war in Iran.
The Philippines relies on Middle Eastern oil and is negotiating with Japan, China, South Korea, and India for alternatives.
A U.S. waiver lets Petron buy Russian oil already loaded on tankers, easing the emergency declaration.

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Story summary

Petron Corporation (Petron Corp.) secured 2.48 million barrels of Russian crude.
Petron Corporation said it made the purchases out of "extreme necessity" due to Strait of Hormuz disruptions caused by the war in Iran.
The Philippines relies on Middle Eastern oil and is negotiating with Japan, China, South Korea, and India for alternatives.
A U.S. waiver lets Petron buy Russian oil already loaded on tankers, easing the emergency declaration.