ASEAN leaders agree to create shared fuel reserve for future crises
Members of the Association of Southeast Asian Nations agreed to create a shared fuel reserve to bolster resilience against future energy shocks. The decision is a direct response to the strain the Iran war has placed on the energy-importing region.
The closing communique of the ASEAN summit said member states will set up a technical committee to design a shared strategic fuel reserve. The architecture will include rotational drawdowns, joint storage and collective procurement mechanisms.
Leaders are also coordinating on subsidies and currency-swap lines to cushion smaller economies against the fuel-price shock from the Iran war. Indonesia and the Philippines are particularly exposed because of their import-heavy mix, while Singapore has offered its storage infrastructure as a regional hub.
The announcement landed alongside fresh calls to advance the South China Sea code of conduct. Officials say the reserve is intended to complement, not replace, OPEC and the International Energy Agency.
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