"Members agreed to a regional fuel-sharing framework in a bid to ease the economic strain caused by the more than two-month closure of the strategic waterway, which has triggered a global energy crisis. However, it remains unclear how the programme would function, with key details still needing to be finalised, including which countries would be prioritised during a crisis."
"ASEAN chair and Philippine President Ferdinand Marcos Jr welcomed the outcome, but conceded that the practical arrangements still needed to be clarified. How is the sharing? Who gets what? How do you pay for it? Do you pay for it? Is it an exchange? We haven't done it before, he said."
"Leaders also agreed to develop a regional power grid and fuel stockpile, while reducing their dependence on energy imports from the Middle East. ASEAN currently imports more than half of its crude oil and 17 percent of its natural gas from the region, according to the bloc's Centre for Energy."
"In late March, the Philippines became the first country in the world to declare a national emergency over dwindling energy stockpiles. Marcos warned that the economic consequences of the war in Iran would persist for the foreseeable future. A few weeks worth of disruptions will take years to be corrected, he said."
ASEAN leaders met in the Philippines to address economic strain from the closure of the Strait of Hormuz. They agreed on a regional fuel-sharing framework intended to ease the effects of the more than two-month disruption, which contributed to a global energy crisis. Key operational details were not finalized, including how sharing would work, which countries would be prioritized during a crisis, and how payments or exchanges would be handled. Leaders also agreed to develop a regional power grid and a fuel stockpile, and to reduce dependence on Middle East energy imports. ASEAN currently imports more than half of its crude oil and 17% of its natural gas from the region. The Philippines previously declared a national emergency over dwindling energy stockpiles, warning that consequences would persist for years.
Read at www.aljazeera.com
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