ASEAN Leaders Push for Faster Regional Fuel Sharing Pact
Southeast Asian leaders concluded their summit in Cebu with a call to accelerate a regional oil-sharing framework following energy disruptions from the Middle East crisis. Philippine President Ferdinand Marcos Jr noted that while the bloc remains united on the urgency of the pact, specific mechanics regarding distribution and payment still need to be finalized.
Philippines President Ferdinand Marcos Jr. and ASEAN leaders called for the rapid ratification of a regional fuel-sharing framework following their summit on Friday afternoon. The bloc seeks to mitigate shocks as the Strait of Hormuz closure disrupts 20% of global oil and gas supplies. For investors, the lack of an immediate plan leaves a $3.8 trillion economy vulnerable to energy price volatility.
