CommoditiesMedium•12 November 2026•
1 min read
ASEAN Agrees on Joint Oil Stockpiling Scheme Amid Iran Supply Disruptions
Key Facts
1ASEAN nations agreed to establish a joint crude oil stockpiling scheme in response to supply disruptions caused by the war in Iran.
2The scheme will include storage sites in Indonesia and Thailand, utilizing a ticket system where members pay advance fees to reserve volumes.
ASEAN nations agreed to establish a joint crude oil stockpiling scheme in response to supply disruptions caused by the war in Iran. Reuters reported that the initiative aims to bolster regional energy security following severe impacts on Southeast Asian countries due to the ongoing conflict.
The scheme will include storage sites in Indonesia and Thailand, utilizing a ticket system where members pay advance fees to reserve specific volumes, according to Oilprice.com. This collective security measure follows a period of supply tightness, with the Philippines already requesting access to purchase gasoline and diesel from these hubs during emergencies.