Japan Shares Oil Reserve Knowledge with ASEAN

Japan Shares Oil Reserve Knowledge with ASEAN

Japan’s industry ministry plans to help the Association of Southeast Asian Nations introduce oil reserve systems like Japan’s, hoping to create a more favorable environment for Japanese companies expanding into the region. The International Energy Agency requires its member countries, largely industrialized nations, to stockpile at least 90 days’ worth of oil for coordinated release on the market in case of an emergency. Japan keeps its state reserves at 10 sites across the country and requires private-sector companies to maintain stockpiles as well. It has released its reserves during the Gulf War and U.S. hurricanes. ASEAN countries do not belong to the IEA. Thailand’s reserve system falls short of IEA standards, while Myanmar and Cambodia have nothing in place at all.

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