But analysts cautioned that such measures are unlikely to affect the present crisis.
“This is more about preparing for the next crisis. A reserve is a buffer. It is not a strategy,” Christopher Len, a senior fellow at the ISEAS-Yusof Ishak Institute, said in the same webinar, referring to regional stockpiling initiatives.
Ministers are also expected to discuss ways to reduce long-term dependence on imported fuels. Renewable energy, electric vehicles, and energy efficiency are expected to feature prominently.
The International Energy Agency estimates Southeast Asia’s energy import bill could rise from more than US$80 billion in 2024 to about US$245 billion by 2035 without structural change.
The IEA said wider electrification, including electric vehicles and biofuels, would help curb oil demand and reduce exposure to volatile fuel imports, while cross-border links under the ASEAN Power Grid that would integrate the region’s electrical network will require about US$27 billion in investment by 2040.
“We should actually use this shock as a lesson to reduce exposure, not only to cushion it,” Len said.
