ASEAN Plans to Launch Joint Oil Reserves in 2027
ASEAN plans to launch a joint petroleum product reserve system in 2027, with Indonesia and Thailand storing fuel. Initial arrangements would allow the Philippines to buy diesel and gasoline stored in the two countries during emergencies, with participants securing purchasing rights by paying a fee in advance.
The Association of Southeast Asian Nations (ASEAN) plans to launch a joint petroleum product reserve system in 2027, with Indonesia and Thailand storing fuel to strengthen member states’ ability to respond to supply shocks and disruptions to international transport. The arrangements are still being prepared.
According to regional media, the initial arrangements would allow the Philippines to buy diesel and gasoline stored in Indonesia and Thailand during emergencies. Companies affiliated with the Philippine National Oil Company (PNOC) are expected to sign letters of intent with storage facility operators in the two countries on November 14, 2026.
A gas station in Manila, the capital of the Philippines.（VietVance）
Under the proposed system, participants would pay a fee in advance to secure purchasing rights: participating countries or companies could then buy a specified quantity of fuel stored by a company in another country during an emergency. A similar model is used in the European Union, allowing participants to access reserves without directly owning all the stored fuel.
The initiative is led by the Economic Research Institute for ASEAN and East Asia (ERIA). Laos and Timor-Leste are also considering joining. In the longer term, the plan could expand to all ASEAN member states and include crude oil in the reserves. Japan is promoting this regional energy security cooperation; Japanese Prime Minister Sanae Takaichi is expected to announce the related cooperation at the Asia Zero Emission Community Summit in Manila, the Philippines, on November 17, 2026.
Source: VietVance
