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.
Taiwan is projected to lose a working-age population of about 6.67 million people in two waves of retirement in the coming years, as the nation confronts accelerating demographic decline and a shortage of younger workers to take their place, the Ministry of the Interior said. Taiwan experienced its largest baby boom between 1958 and 1966, when the population grew by 3.78 million, followed by a second surge of 2.89 million between 1976 and 1982, ministry data showed. In 2023, the first of those baby boom generations — those born in the late 1950s and early 1960s — began to enter retirement, triggering
ECONOMIC BOOST: Should the more than 23 million people eligible for the NT$10,000 handouts spend them the same way as in 2023, GDP could rise 0.5 percent, an official said Universal cash handouts of NT$10,000 (US$330) are to be disbursed late next month at the earliest — including to permanent residents and foreign residents married to Taiwanese — pending legislative approval, the Ministry of Finance said yesterday. The Executive Yuan yesterday approved the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及民生國安韌性特別條例). The NT$550 billion special budget includes NT$236 billion for the cash handouts, plus an additional NT$20 billion set aside as reserve funds, expected to be used to support industries. Handouts might begin one month after the bill is promulgated and would be completed within
The National Development Council (NDC) yesterday unveiled details of new regulations that ease restrictions on foreigners working or living in Taiwan, as part of a bid to attract skilled workers from abroad. The regulations, which could go into effect in the first quarter of next year, stem from amendments to the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) passed by lawmakers on Aug. 29. Students categorized as “overseas compatriots” would be allowed to stay and work in Taiwan in the two years after their graduation without obtaining additional permits, doing away with the evaluation process that is currently required,
RELEASED: Ko emerged from a courthouse before about 700 supporters, describing his year in custody as a period of ‘suffering’ and vowed to ‘not surrender’ Former Taiwan People’s Party (TPP) chairman Ko Wen-je (柯文哲) was released on NT$70 million (US$2.29 million) bail yesterday, bringing an end to his year-long incommunicado detention as he awaits trial on corruption charges. Under the conditions set by the Taipei District Court on Friday, Ko must remain at a registered address, wear a GPS-enabled ankle monitor and is prohibited from leaving the country. He is also barred from contacting codefendants or witnesses. After Ko’s wife, Peggy Chen (陳佩琪), posted bail, Ko was transported from the Taipei Detention Center to the Taipei District Court at 12:20pm, where he was fitted with the tracking
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