
Asian Nations Agree to Strengthen Oil Reserves and Provide Mutual Assistance in Emergencies.
https://www.asahi.com/articles/ASVB90SSHVB9ULFA01YM.html
A ministerial meeting of the Asia Zero Emission Community (AZEC), an initiative involving Japan and Southeast Asian countries to promote decarbonization, was held on the 8th in Manila, the capital of the Philippines. The participating countries agreed to strengthen their oil stockpiling systems and explore ways to coordinate the release of oil reserves and provide mutual assistance in emergencies.
AZEC is a Japan-led framework comprising 11 countries, including Japan, Australia, and Southeast Asian nations. Southeast Asian countries rely heavily on the Middle East for their crude oil imports, but their oil stockpiling systems are less developed than Japan’s. Following the effective closure of the Strait of Hormuz, daily life was significantly affected, with restrictions imposed on vehicle refueling and use.
The special meeting was also attended by oil-producing countries Saudi Arabia and the United Arab Emirates (UAE), which expressed their willingness to cooperate in strengthening oil reserves across Asia.