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.
People can preregister to receive their NT$10,000 (US$325) cash distributed from the central government on Nov. 5 after President William Lai (賴清德) yesterday signed the Special Budget for Strengthening Economic, Social and National Security Resilience, the Executive Yuan told a news conference last night. The special budget, passed by the Legislative Yuan on Friday last week with a cash handout budget of NT$236 billion, was officially submitted to the Executive Yuan and the Presidential Office yesterday afternoon. People can register through the official Web site at https://10000.gov.tw to have the funds deposited into their bank accounts, withdraw the funds at automated teller
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FRESH LOOK: A committee would gather expert and public input on the themes and visual motifs that would appear on the notes, the central bank governor said The central bank has launched a comprehensive redesign of New Taiwan dollar banknotes to enhance anti-counterfeiting measures, improve accessibility and align the bills with global sustainability standards, Governor Yang Chin-long (楊金龍) told a meeting of the legislature’s Finance Committee yesterday. The overhaul would affect all five denominations — NT$100, NT$200, NT$500, NT$1,000 and NT$2,000 notes — but not coins, Yang said. It would be the first major update to the banknotes in 24 years, as the current series, introduced in 2001, has remained in circulation amid rapid advances in printing technology and security standards. “Updating the notes is essential to safeguard the integrity
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