Amid regional uncertainties, ASEAN member states consider establishing a shared fuel reserve to support each other during crises, announced Philippine President Ferdinand Marcos Jr.
During the closing of the 48th ASEAN Summit in Cebu, Philippine President Ferdinand “Bongbong” Marcos Jr. revealed plans for ASEAN countries to create a joint fuel reservoir as a strategic emergency supply. The initiative was discussed to parallel existing shared emergency rice reserves, aiming to provide member states quick access to various fuel types, including crude oil and jet fuel, amidst supply disruptions. Marcos explained that differing fuel surpluses and shortages within the region, complicated by external conflicts such as the Middle East crisis, highlight the need for this cooperative arrangement. All ASEAN leaders unanimously agreed on the principle of fuel sharing; however, details on implementation, such as centralized versus distributed storage, remain under discussion. Energy ministers have yet to convene to formalize plans or timelines. Marcos expressed optimism, emphasizing commitment from all parties and the urgency of the situation. This move reflects ASEAN’s prioritization of regional energy security and solidarity in times of geopolitical or trade disruptions impacting fuel supplies.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/986962/marcos-fuel-reserve-among-asean-countries/story/
