ASEAN Energy Ministers Address Security Concerns Amid Middle East Conflict

Southeast Asian energy ministers are convening in Manila to address growing concerns over regional energy security amid the ongoing US-Israeli conflict with Iran. The prolonged war has highlighted the vulnerabilities of ASEAN nations, which import over half of their crude oil from the Middle East. With global benchmark prices hovering around US$100 per barrel, the conflict has intensified fears of price shocks and supply disruptions due to attacks on infrastructure and shipping routes.

The ministers are expected to review fuel-security measures introduced earlier this year, including the ASEAN Framework Agreement on Petroleum Security (APSA). Long-term initiatives such as the ASEAN Power Grid and renewable energy deployment are also on the agenda. Philippine Energy Undersecretary Felix Fuentebella noted that the crisis has shifted energy security from a technical issue to a priority for ASEAN leaders.

Rising fuel prices are already impacting households and transport workers. Antonio Bandin, a Manila jeepney driver, reported that his daily fuel costs have more than doubled to about 2,400 pesos (US$38). The ASEAN Centre for Energy warns that a severe disruption in Middle East supplies could risk nearly 28% of ASEAN's final oil consumption, underscoring the need for stronger regional petroleum-security arrangements.

Despite efforts to explore regional fuel-stockpiling arrangements, analysts caution that such measures are more about preparing for future crises rather than addressing the current one. Energy Secretary Sharon Garin mentioned the Philippines could host future storage projects. The International Energy Agency estimates that without structural changes, Southeast Asia's energy import bill could rise from over US$80 billion in 2024 to about US$245 billion by 2035.