Southeast Asian nations are pursuing a petroleum security pact amid a significant oil supply crisis caused by the ongoing Middle East conflict. The ASEAN Petroleum Security Agreement (APSA) aims to enable coordinated emergency fuel sharing among member countries.
The Philippines declared a national energy emergency due to fuel shortages, having sourced 98% of its oil from the Middle East before the war. Philippine Trade Secretary Cristina Roque stated, “APSA is being pursued to enable coordinated emergency fuel sharing and collective responses to supply disruption.” This move comes as the U.S. Department of Energy released 17.5 million barrels of crude oil from the Strategic Petroleum Reserve since March.
The current U.S. Strategic Petroleum Reserve stocks stand at 397.9 million barrels, with an additional 172 million barrels set for release as part of a global effort to stabilize oil supplies. This situation reflects broader concerns about energy security and resilience throughout ASEAN, which aims to enhance regional cooperation.
Atlantic Petroleum recently reported a net loss of DKK 3.8 million for 2025, highlighting the financial strain on companies linked to fluctuating oil prices and geopolitical tensions. Mark T. Højgaard, CEO of Atlantic Petroleum, indicated optimism regarding production stability in their Orlando field for 2026.
The backdrop of this crisis includes the historical significance of the U.S. SPR, established in the 1970s to mitigate unexpected oil supply disruptions. As Southeast Asian countries seek solutions, the urgency for energy cooperation intensifies.
