ASEAN Moves to Build Emergency Oil Reserves Amid Iran Supply Crisis

The Association of Southeast Asian Nations has agreed to set up a joint crude oil stockpiling scheme in response to the supply disruption from the war in Iran, which severely affected countries in the region. The scheme will comprise storage sites in Indonesia and Thailand, Reuters reported today, from which ASEAN members will draw oil in times of tight supply. The withdrawals will be based on a ticket system, under which member countries would pay an advance fee to reserve the right to purchase a certain volume of oil or fuel from storage sites…