ASEAN eyes fuel-sharing mechanism as Middle East war raises oil supply concerns

As the war involving Iran, Israel, and the United States continues in parts of the Middle East, concerns are growing over its impact on global oil supply and petroleum prices, including in the Philippines.

In an exclusive one-on-one interview with GMA Integrated News, Foreign Affairs Secretary Theresa Lazaro confirmed that member states of the Association of Southeast Asian Nations (ASEAN) are now looking at helping one another address possible petroleum supply shortages through an energy-sharing system.

“May mekanismo na whereby, pag bumaba ng 10% yung stockpile ng isang bayan sa ASEAN, any ASEAN member state, then mag-trigger yung emergency measures. Actually, ginagawa naman ito ng ating Department of Energy,” she said.

(There is a mechanism in which when the stockpile of fuel in one ASEAN nation goes below 10%, it triggers emergency measures. Actually, the Department of Energy does this.)

The Philippines, she said, is now identifying which ASEAN countries with substantial petroleum reserves could extend assistance if needed.

While Lazaro did not name the countries, ASEAN members such as Brunei and Malaysia are among those known to have significant oil and gas reserves.

“May ginagawa kaming listahan kung sino yung mga bayan na puwede nating hingan ng tulong para sa dagdagan itong ating emergency measures or stocks sa ating petrolyo na pangangailangan,” she said.

“Meron tayong countries na in-identify. And mga ambassadors natin are tasked to get more information.”

(We are making a list of countries from whom we can ask assistance to add to our emergency fuel stocks. We have identified some countries, and our ambassadors are tasked to get more information.)

DFA monitors OFWs' safety

Beyond the impact on fuel prices, the ongoing conflict in the Middle East also continues to affect overseas Filipino workers.

Despite the continuing hostilities between Iran and Israel, both countries remain under Crisis Alert Level 2, which means repatriation for Filipinos there remains voluntary for now.

Lazaro said the Department of Foreign Affairs and other government agencies are closely monitoring developments and are also looking at possible exit routes for Filipinos in affected areas.

“We will maintain Alert Level 2. And at the same time, iniisip naman namin, ang kaisipan namin ngayon kung saan ang mga puwede silang lumabas. Ang mga ruta na tinatawag. Kagaya ng Iran, meron tayong 800 Pilipino doon. Marami 'yan sa kanila, meron sa mga Iranians. Ang labas nila is to Turkey. So meron din mga ganyang mga ruta na iniisip ng ating mga foreign service folks para hindi sila, to take care of their safety,” she said.

(At the same time, we are thinking about the routes where they will be able to leave from. There are about 800 Filipinos in Iran. For many of them, the route will take them to Turkey. So our foreign service folks are also thinking about these things to take care of the OFWs' safety.)

The full interview will be shown on GMA Integrated News’ official social media platforms soon. — BM, GMA Integrated News