According to CoinMeta, Philippine Energy Minister Sharon Galin stated on Wednesday that the Philippines is in negotiations with countries such as Saudi Arabia, Russia, and the United States regarding oil storage in order to address the risk of soaring fuel prices caused by the war in Iran. Additionally, the Philippines is also consulting with Russia, the United States, Japan, Kuwait, the United Arab Emirates, and Australia regarding oil storage matters. Galin mentioned that the Philippines plans to increase diesel and natural gas power generation to compensate for the potential decrease in hydroelectric and solar power production due to the El Niño phenomenon. It is expected that hydroelectric power production will decrease by about 60% and solar power production will decrease by 20% in the first half of 2027. The Philippines plans to build its first government-owned oil storage tank in the province of Batan next year to store strategic oil reserves. Galin said that currently, the Philippines' fuel inventory can meet 55 days of demand, which is higher than the minimum requirement of 15 days; the government is currently storing 1 million barrels of oil in private facilities. She said, "We will start with 1 million barrels and gradually expand the scale over the years, with the goal of reaching a reserve level that can meet 60 days of demand." The reserves will be composed of half crude oil and half refined fuel.