Global Markets
Home›Global Markets›Asia›Philippines and Asian countries seek strategic petrole…
Philippines and Asian countries seek strategic petroleum reserves as fuel shocks
The move is aimed at giving governments a buffer against future energy supply and price disruptions tied to the Iran-related crisis.
Rising fuel costs tied to the Iran war energy crisis are pressuring oil buyers across Asia, clobbering economic conditions and prompting a push to strengthen preparedness, according to The New York Times Business.
NYT Business reports that the Philippines and other developing countries in the region are moving to build strategic petroleum reserves to cushion the impact of future shocks.
The effort reflects growing concern that supply disruptions and higher energy prices could recur, leaving governments and economies with fewer options to absorb sudden increases in fuel costs.