Asian officials concerned that they pay too much for oil from the volatile Middle East sought ways yesterday to cushion the blow of price shocks, saying contingency plans such as fuel stockpiles could increase their energy security.
Oil prices that recently peaked at US$42 per barrel on the New York futures market are bad news for consumers, and energy ministers from around Southeast Asia and across the Pacific Rim were meeting here yesterday and today to ponder long-term solutions.
Prices have dipped by several dollars a barrel since OPEC said last week it would pump more, although it remains unclear how much extra crude might actually go onto the market. Crude oil futures for July delivery plunged by 3.6 percent on Tuesday in New York, settling at US$37.28 per barrel -- the lowest since April but still uncomfortably high for many consumers.
Asian energy leaders say one solution to the region's dependence on imports could be more stockpiles and the use of alternative energy sources.
Unstable energy supplies and swinging prices could stop developing Asian nations from hanging onto recent economic gains, Philippine Energy Secretary Vincent Perez told ministers from the 10-nation Association of Southeast Asian Nations.
"In particular, the instability in the price of oil not only threatens energy security, but the security of a nation as a whole as consumers become restless contending with the rising price of commodities," Perez said.
The ASEAN nations were to discuss the problem later yesterday with dialogue partners from top Asian economies: China, Japan and South Korea. Energy officials planned to endorse the idea of more stockpiling, with Japan and South Korea providing technical assistance to their neighbors, according to a draft statement.
Energy officials from the 21-member APEC forum meet today and planned a statement warning that terror attacks or natural disasters could strike oil supply systems as well as ports, pipelines and other energy facilities.
The APEC members, including the US, intend to set up "emergency mechanisms and contingency plans," but there were few specifics on achieving this, according to a draft statement.
APEC members want better diversified sources of energy, including more open dealings in liquified natural gas -- a market now dominated by long-term contracts that provide little flexibility and leave consumers with few options to buy extra gas on short notice, the draft said.
LONG FLIGHT: The jets would be flown by US pilots, with Taiwanese copilots in the two-seat F-16D variant to help familiarize them with the aircraft, the source said The US is expected to fly 10 Lockheed Martin F-16C/D Block 70/72 jets to Taiwan over the coming months to fulfill a long-awaited order of 66 aircraft, a defense official said yesterday. Word that the first batch of the jets would be delivered soon was welcome news to Taiwan, which has become concerned about delays in the delivery of US arms amid rising military tensions with China. Speaking on condition of anonymity, the official said the initial tranche of the nation’s F-16s are rolling off assembly lines in the US and would be flown under their own power to Taiwan by way
CHIP WAR: The new restrictions are expected to cut off China’s access to Taiwan’s technologies, materials and equipment essential to building AI semiconductors Taiwan has blacklisted Huawei Technologies Co (華為) and Semiconductor Manufacturing International Corp (SMIC, 中芯), dealing another major blow to the two companies spearheading China’s efforts to develop cutting-edge artificial intelligence (AI) chip technologies. The Ministry of Economic Affairs’ International Trade Administration has included Huawei, SMIC and several of their subsidiaries in an update of its so-called strategic high-tech commodities entity list, the latest version on its Web site showed on Saturday. It did not publicly announce the change. Other entities on the list include organizations such as the Taliban and al-Qaeda, as well as companies in China, Iran and elsewhere. Local companies need
CRITICISM: It is generally accepted that the Straits Forum is a CCP ‘united front’ platform, and anyone attending should maintain Taiwan’s dignity, the council said The Mainland Affairs Council (MAC) yesterday said it deeply regrets that former president Ma Ying-jeou (馬英九) echoed the Chinese Communist Party’s (CCP) “one China” principle and “united front” tactics by telling the Straits Forum that Taiwanese yearn for both sides of the Taiwan Strait to move toward “peace” and “integration.” The 17th annual Straits Forum yesterday opened in Xiamen, China, and while the Chinese Nationalist Party’s (KMT) local government heads were absent for the first time in 17 years, Ma attended the forum as “former KMT chairperson” and met with Chinese People’s Political Consultative Conference Chairman Wang Huning (王滬寧). Wang
OBJECTS AT SEA: Satellites with synthetic-aperture radar could aid in the detection of small Chinese boats attempting to illegally enter Taiwan, the space agency head said Taiwan aims to send the nation’s first low Earth orbit (LEO) satellite into space in 2027, while the first Formosat-8 and Formosat-9 spacecraft are to be launched in October and 2028 respectively, the National Science and Technology Council said yesterday. The council laid out its space development plan in a report reviewed by members of the legislature’s Education and Culture Committee. Six LEO satellites would be produced in the initial phase, with the first one, the B5G-1A, scheduled to be launched in 2027, the council said in the report. Regarding the second satellite, the B5G-1B, the government plans to work with private contractors
RSS