ASEAN leaders to create shared fuel reserve for future crises

ASEAN leaders pose during the opening ceremony of their summit in Cebu, the Philippines, on May 8.  © Reuters NATSUMI KAWASAKI and RAMON ROYANDOYAN May 8, 2026 13:37 JST Updated on May 8, 2026 21:25 JST CEBU, Philippines — Southeast Asian leaders on Friday said they intend to develop a shared fuel reserve that member states can access in times of crisis, such as the current Iran war, to cushion the impact of spikes in oil prices.