5 Asean states back PH oil stockpiling plan
At least five Southeast Asian countries have committed to pursuing a regional oil stockpiling initiative to cushion the bloc against future oil supply shocks, such as the ongoing crisis triggered by the war in the Middle East.
Trade Secretary Cristina Roque, who also serves as this year’s chair of the Association of Southeast Asian Nations (Asean) Economic Ministers, said that apart from the Philippines, Indonesia, Singapore, Malaysia, Thailand and Vietnam had expressed support for the initiative.
The United Arab Emirates, while not an Asean member, has also agreed to make some of its oil reserves available for storage in a participating country, according to Roque.
“Just in case we face another oil crisis, we can rely on different Asean countries,” she told reporters on the sidelines of the Asean Business Media Exchange on Monday.
Study under way
This initiative builds on President Marcos’ call in April for Asean members to endorse a regional study on joint oil stockpiling, drawing on earlier work by the Economic Research Institute for Asean and East Asia (ERIA).
“ERIA has already identified viable models—national initiatives, ticket stockpiling arrangements, and joint stockpiling with crude exporters. Let us provide them the political commitment to move these from research to negotiation to implementation,” Mr. Marcos said at the time.
Roque, however, did not say whether the initiative would eventually be formalized through an agreement or take the form of a broader framework among participating countries.
She said the ERIA was expected to complete its study on Asean oil stockpiling by November.
The ERIA earlier said a coordinated stockpiling system could help the region manage short-term supply disruptions while strengthening its resilience against future energy shocks.
No consensus needed
“Stockpiles provide instant physical supply, ensuring continuity in critical sectors, stabilising prices, and sustaining economic confidence during crises,” it said in an April policy brief. “More importantly, they should be viewed not as a passive reserves, but as strategic assets that strengthen Asean economic resilience and geopolitical positioning.”
“By prioritising joint stockpiling, adopting a hybrid model, and mobilising innovative financing, Asean can move from fragmented national approaches towards a co-ordinated and scalable regional system,” it added.
Roque said the initiative would not necessarily require the participation of all 11 Asean member states to move forward.
“At least those countries that have already agreed, we can get started on this,” she said.
At an August workshop with Asean member states, the ERIA said the bloc was considering a voluntary “sandbox” pilot that would allow countries to participate based on their own circumstances and level of readiness.
The ERIA has identified joint stockpiling as the most viable option for Asean, under which reserves could be shared between oil-importing and oil-exporting countries.
