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The Philippine oil industry in a changing market

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  • Del Rosario, Antonio V.

Abstract

Philippine oil demand has declined from a peak of 234 thousand barrels per day (Mb/d) in 1979 to 205 Mb/d in 1983 and is projected to level off at 155 Mb/d in 1988. Planned oil substitution, conservation, and a serious economic slump continue to shape the trend. The decline in fuel-oil and gasoline consumption has not been shared by middle distillates, a situation that has caused an imbalance between refinery yields and demand. Since the early 1980s, however, regional and international oil developments, characterized by surplus crude supply and refinery capacity, have changed perceptions regarding supply policy. Refined product imports and exports appear to have become more reliable and secure. This development, together with projected internal refinery adjustments, is fashioning a new supply policy over the medium term. Thus the Philippines is expected to rely more on finished-product imports and exports to achieve balanced supply and demand. Major investments in refinery facilities will most likely take a backseat. Crude imports will be varied to meet the optimum mix required by the product demand patterns of the Philippine market. Overall, Philippine policymakers believe that the differences in the economics of basic supply policy options are not critical and that more immediate considerations will therefore determine their choice.

Suggested Citation

  • Del Rosario, Antonio V., 1986. "The Philippine oil industry in a changing market," Energy, Elsevier, vol. 11(4), pages 491-500.
    • Handle: RePEc:eee:energy:v:11:y:1986:i:4:p:491-500
    DOI: 10.1016/0360-5442(86)90139-8
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