Philippines leads talks on ASEAN petroleum security

Amid global oil crisis

MANILA, Philippines — The Philippines and its Southeast Asian neighbors are pushing for the formalization of a regional mechanism to address potential oil and gas supply disruptions spurred by raging Middle East tensions.

Energy ministers across the region, led by Energy Secretary Sharon Garin, convened a special meeting on Monday to tackle the latest developments in the Middle East and their impact on regional and global energy security.

The ministers highlighted how critical the ASEAN framework agreement on petroleum security (APSA) is in improving readiness and collective response to avert supply shortages amid the ongoing global oil crisis.

APSA modernizes ASEAN’s petroleum security arrangements by providing voluntary and coordinated guidelines for emergency response, information sharing and mutual assistance during supply crises.

“In this regard, we urged the expeditious completion of national processes towards its ratification,” the ASEAN ministers said in a joint statement.

Beyond supply uncertainties, ASEAN member states also expressed concern over price volatility in the global markets, continuing to rattle countries heavily dependent on imported fuel.

For instance, the Philippines, which imports around 98 percent of its crude oil from Gulf states, has seen the largest jump in fuel prices in its history.

Despite recent rollbacks, domestic pump prices remain far from reaching their pre-war levels.

“We noted that ASEAN’s growing energy demand may increase exposure to such shocks and underscored that stable, accessible, reliable and affordable energy supply remains fundamental to regional energy security,” the ministers said.

Global energy markets continue to face supply pressures due to the closure of the Strait of Hormuz, a critical maritime chokepoint that typically carries around 20 percent of the world’s oil and gas supplies.

Despite the war ceasefire, countries are still grappling with high fuel prices due to renewed escalation in the Middle East.

US President Donald Trump earlier issued a “shoot and kill” order to the US military against small Iranian boats that deploy mines in the strait.

Trump also maintained that the US has “total control” over the narrow waterway, following reports that Iranian forces seized two container ships.

“We reaffirmed ASEAN’s commitment to strengthening regional energy security and resilience through enhanced regional cooperation and coordination,” the ASEAN energy ministers said.

“We highlighted the importance of supply diversification, including a clean and renewable energy transition, broadening sources of crude oil and refined products and strengthening intra-ASEAN energy trade,” they added.