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ASEAN Moves to Build Emergency Oil Reserves Amid Iran Supply Crisis

The Association of Southeast Asian Nations has agreed to set up a joint crude oil stockpiling scheme in response to the supply disruption from the war in Iran, which severely affected countries in the…

  • ASEAN establishes joint crude oil stockpiling scheme to address Iran supply disruption.
  • Storage sites in Indonesia and Thailand for member countries' emergency use.
  • Philippines to be first to utilize system, following Indonesia's initiative.

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