ASEAN Agrees to Establish Joint Oil Stockpiling Scheme Amid Middle East Supply Disruptions

ASEAN member states have agreed to establish a joint emergency oil stockpiling mechanism to counter severe supply disruptions linked to the conflict involving Iran. Strategic storage facilities will be hosted in Indonesia and Thailand using an EU-style ticket-based reservation system, with the framework targeting launch as early as 2027. Under the program, members pay advance reservation fees to secure emergency purchase rights, with the Philippines scheduled to be the first nation to draw diesel and gasoline reserves. The Japan-backed initiative may eventually broaden to crude oil and incorporate nations such as Laos and Timor-Leste.