MANILA - (UPDATE) The attacks on Saudi Arabia's oil facilities will affect the Philippines "deeply," Foreign Affairs Secretary Teodoro Locsin Jr. said Sunday.
Locsin issued the statement on Twitter following the attacks of the Iranian-backed Houthis group in Yemen that shut two plants at the Abqaiq facility, the heart of the Saudi oil industry, on Saturday.
“This is serious. It wil l— not could — affect us deeply; to put it bluntly, an oil shortage or steep rise in oil price will rock the Philippine boat and tip it over," Locsin said.
"So everybody shut the f*** up and focus. No more clowns. Declaring state of emergency won't save our economy but kill it."
The Philippine Embassy in Riyadh meanwhile advised Filipinos in Saudi Arabia to remain calm but vigilant following the attacks.
"The Embassy is closely monitoring the situation and coordinating with the concerned authorities to ensure the safety and security of all Filipinos in Saudi Arabia," the Embassy said in a statement.
Crude prices could spike by several dollars per barrel when markets open Sunday night as a prolonged outage could prompt the United States and other countries to release crude from their strategic petroleum reserves to boost commercial stocks globally.
Saudi Arabia's 2.3 million barrels per day (bpd) of effective spare capacity in August accounted for more than two-thirds of OPEC's on-hand supply of 3.2 million bpd, according to the International Energy Agency, with most of the rest from Kuwait and the United Arab Emirates. -- With Reuters