ASEAN ministers push energy security amid Middle East war — SkimNews
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- ASEAN energy ministers meeting in Manila are reviewing fuel-security measures, with the region importing more than half its crude from the Middle East amid a US-Israeli war against Iran and global benchmark prices around US$100/barrel.
- The ASEAN Centre for Energy warned a severe Middle East supply disruption could place oil volumes equivalent to nearly 28% of ASEAN's final oil consumption at risk.
- Chinese refiners have suspended oil product exports for October, compounding regional supply concerns as ministers convened.
- Philippine Energy Undersecretary Felix Fuentebella said the crisis pushed energy security from a "technical issue to a priority" for ASEAN ministers and leaders, per his Oct. 1 comments to Reuters.
- Manila jeepney driver Antonio Bandin said his daily fuel bill more than doubled to about 2,400 pesos (US$38) per day, telling the paper: "We hardly take anything home anymore."
- ISEAS-Yusof Ishak Institute senior fellow Christopher Len cautioned that regional stockpiling "is more about preparing for the next crisis. A reserve is a buffer. It is not a strategy."
- The IEA estimates Southeast Asia's energy import bill could rise from US$80 billion in 2024 to about US$245 billion by 2035 without structural change, with the ASEAN Power Grid requiring roughly US$27 billion in investment by 2040.
Why it matters: ASEAN imports over half its crude from the Middle East, so every week of war transmits directly into transport and household costs — Bandin's doubled fuel bill is the human-scale proof. The IEA's projection of a $245 billion import bill by 2035 quantifies the cost of inaction, while ERIA's warning that insufficient storage capacity blocks APSA implementation shows the gap between announced plans and deployable buffer.
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