ASEAN economic ministers are urging the faster completion of the ASEAN Petroleum Security Agreement (APSA) to help member-states share oil and gas supplies during shortages triggered by Middle East tensions.
During the 32nd ASEAN Economic Ministers’ Retreat in Taguig City, Trade Undersecretary Allan Gepty said the regional bloc agreed to accelerate the pact, which allows members to provide petroleum to neighbors facing at least a 10% supply shortage.
“So, basically the current situation will now call ASEAN Member States to fast-track that agreement,” said Gepty.
The ministers warned that the Middle East conflict could disrupt key supply routes and drive up global oil and LNG prices, threatening Southeast Asia’s energy security.
ASEAN is pushing stronger regional coordination, energy diversification, and projects such as the ASEAN Power Grid and Trans-ASEAN Gas Pipeline to ensure stable supply.IMT
