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Japan and ASEAN boost energy security amid Iran tensions
The article reflects Japan and Southeast Asian countries' efforts to strengthen oil supply security amid the ongoing Iran war and global energy market disruptions. Japan aims to reach an agreement with its Asian partners to increase oil reserves and establish cooperation with oil producers such as Saudi Arabia and the United Arab Emirates to enhance the resilience of the energy system. The focus is on supporting Asian countries in acquiring and storing resources. Additionally, ASEAN energy ministers are reviewing fuel security measures, with expectations of increased dependence on Middle Eastern oil imports, amid oil prices rising to around $100 per barrel and warnings that 28% of oil consumption could be vulnerable to failures in case of prolonged disruptions. Future plans include expanding the regional energy network and boosting the use of renewable energy and electric vehicles, with investments exceeding $27 billion by 2040.
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