ASEAN Leaders Discuss Early‑Stage Regional Fuel
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- Lawrence Wong said at the 48th ASEAN Summit in Cebu that discussions on a regional fuel stockpile are at a very early stage and will continue if the idea is worth pursuing.
- Ferdinand Marcos Jr noted that ASEAN leaders discussed a mechanism for a shared reservoir of fuel products to balance surpluses and shortages among member states, especially if a Strait of Hormuz closure disrupts trade.
- ASEAN already runs a rice stockpile with China, Japan and South Korea under the ASEAN Plus Three Emergency Rice Reserve, which serves as a model for a potential energy stockpile.
- ASEAN members agreed to ratify petroleum security and intra‑ASEAN supply chain agreements swiftly, with further talks slated for the November summit in Manila and possibly in Singapore next year.
- ASEAN Trade in Goods Agreement was urged for swift ratification to support mutual oil and gas needs during supply disruptions.
Why it matters: ASEAN members aim to lock in emergency fuel supplies within the next year, shielding economies from shocks such as a Hormuz closure, while oil exporters risk reduced demand during crises.
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