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.
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