ASEAN oil stockpile plan gains traction
A regional study on the joint stockpiling of oil within the Association of Southeast Asian Nations could be completed by November, Trade Secretary Cristina Roque said.
A regional study on joint oil stockpiling within the Association of Southeast Asian Nations (ASEAN) may conclude by November, reported Trade Secretary Cristina Roque. President Marcos had previously encouraged countries to back the Economic Research Institute for ASEAN and East Asia (ERIA)’s plan to establish an oil stockpile in Southeast Asia.
Roque informed the ASEAN Business Media Exchange in Makati City that additional nations are eager to join the initiative. The study, conducted by ERIA, aims to create a coordinated regional oil and gas stockpile to mitigate potential surges in fuel prices, which have surged since February 2026 due to the Middle East conflict and the closure of the Strait of Hormuz.
Roque emphasized that five countries already support the idea: Indonesia, Singapore, Malaysia, Thailand, and Vietnam. The United Arab Emirates has also shown interest in stockpiling oil in willing regional nations. This approach would ensure that even if not all ASEAN countries agree, there will be participants ready to proceed.
Roque also highlighted the approval of the Digital Economy Framework Agreement (DEFA) as another priority during the Philippines' chairmanship of ASEAN. Negotiations for DEFA have been finalized and are currently under legal review, with the potential for signing by November. This agreement could boost ASEAN’s digital economy to $3 trillion by 2030, according to Roque.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
