ASEAN Oil Stockpile Plan Moves Forward, Regional Study Due by November

MANILA, Philippines — A regional study on the joint stockpiling of oil within the Association of Southeast Asian Nations (ASEAN) could be completed by November, Trade Secretary Christina Roque said. President Marcos had urged countries last April to support the Economic Research Institute for ASEAN and East Asia (ERIA)’s proposal to establish an oil stockpile in Southeast Asia. “There are already other countries that want to be on board for this one. So, the study done by ERIA will soon be out by November,” Roque said during the ASEAN Business Media Exchange in Makati City. Roque said she met with the international agency two weeks ago to discuss updates on their study. Among ERIA’s proposals are to create a coordinated regional oil and gas stockpile to respond to any potential surges in fuel prices. The initiative forms part of the Philippines’ key priorities as chair of the ASEAN Summit this year. Global oil prices have skyrocketed since February 2026, following the start of the Middle East conflict and the closure of the Strait of Hormuz, a vital waterway where millions of barrels of crude oil pass daily. Roque added that five countries already support the initiative to maintain oil reserves within their borders – Indonesia, Singapore, Malaysia, Thailand and Vietnam. She said the United Arab Emirates has also expressed willingness to stockpile oil within willing countries in the region. “What will happen here is that even if other ASEAN countries do not agree, then there are at least some that are willing to participate, and we can get started on this,” Roque said. Meanwhile, Roque said another priority is the approval of the Digital Economy Framework Agreement (DEFA), which aims to strengthen cooperation on e-commerce, digital trade, cybersecurity and digital payments within the ASEAN region. She said negotiations for the agreement have already concluded and are currently undergoing legal review, with potential signing by November. “This is a very important deliverable for us, at least for the DTI, which is one of the first in the works and will be signed within our chairship,” she said. The agreement could potentially increase ASEAN’s digital economy to $3 trillion by 2030, according to Roque. Information Source: Philstar Business