The Department of Trade and Industry (DTI) said a study on a proposed shared oil reserve among Association of Southeast Asian Nations (ASEAN) members is expected to be released by November.

"There are other countries that want to be on board, and the studies done by the ERIA (Economic Research Institute for ASEAN and East Asia) will be out by November," Trade Secretary Maria Cristina A. Roque said during the ASEAN Business Media Exchange Forum on Monday.

The oil stockpiling initiative was among the key agenda items at the recent ASEAN meetings, she noted.

Under the proposal, oil would be stored in participating countries to serve as ready inventory that ASEAN members could draw on during a crisis. The approach mirrors strategic petroleum reserves maintained elsewhere, such as the United States' Strategic Petroleum Reserve and the coordinated stocks held by International Energy Agency member countries, though ASEAN has historically relied on individual national policies rather than a shared mechanism.

Five other ASEAN countries have expressed strong interest in the scheme: Indonesia, Singapore, Malaysia, Thailand, and Vietnam, according to Ms. Roque. She added that the United Arab Emirates has expressed interest in supplying oil for storage in participating countries.

In a policy brief released in April, ERIA said ASEAN countries should pursue joint stockpiling as the core regional strategy in the face of geopolitical headwinds.

"By requiring oil companies to maintain minimum inventory levels, governments can leverage existing infrastructure while shifting financial responsibility to the private sector," the institute said.

The Middle East conflict exposed the risks inherent in import dependence, with reliance on petroleum products transiting the Strait of Hormuz leaving ASEAN markets vulnerable to external shocks.

According to the International Energy Agency, ASEAN's oil import dependency rose from about 57% in 2010 to 66% in 2024.

"Stockpiles provide instant physical supply, ensuring continuity in critical sectors, stabilizing prices, and sustaining economic confidence during crises," ERIA said in its policy brief.

Stockpiling, it added, would help ensure ASEAN's long-term economic stability as the global energy landscape grows more uncertain.

With the ERIA study due by November, the next milestone to watch will be whether interested member states move from expressions of interest toward concrete agreements on storage locations, financing arrangements, and release rules — the kinds of operational details that have determined how effective reserve programs are in practice. — Beatriz Marie D. Cruz