Southeast Asian leaders adopted a proposal for a regional oil stockpiling mechanism to protect member states against energy supply disruptions during the 48th ASEAN Summit and Related Meetings held in Cebu. The heads of state adopted the proposal on Friday, May 8, 2026, while expressing serious concern over the rapidly evolving conflict in the Middle East. They warned that disruptions in maritime trade and energy routes could directly affect Southeast Asia's economies, food security, and overall regional stability.
Philippines Strongly Supports Initiative
President Ferdinand Marcos Jr., in his speech during a media press briefing, said the Philippines strongly supports the initiative. We thank Economic Research Institute for ASEAN and East Asia (ERIA) President Tetsuya Watanabe for briefing our ASEAN Foreign and Economic Ministers on ERIA's proposed study for a regional oil stockpile, which the Philippines strongly supports, Marcos said. The follow-through of this study into concrete policy recommendations will provide us another opportunity to strengthen the region's shared energy security, he added.
The agreement follows concerns over Middle East tensions and maritime trade route vulnerabilities, according to a summit statement. ASEAN leaders stressed the importance of ensuring safe, unimpeded, and continuous transit passage through international waterways in accordance with international law.
Addressing the Crisis
ASEAN leaders also adopted a coordinated response to the Middle East crisis, emphasizing crisis coordination, humanitarian assistance, and stronger regional resilience. Leaders agreed to enhance ASEAN crisis-response mechanisms, including improved cross-sectoral coordination, possible foreign ministers' crisis communication protocols, and greater use of ASEAN-led platforms such as the ASEAN Regional Forum and East Asia Summit.
Security and Stability
On security and stability, ASEAN reaffirmed commitment to international law, freedom of navigation, and protection of civilians, while strengthening consular cooperation and emergency assistance for nationals in affected areas.
Economic Resilience
On economic resilience, leaders agreed to strengthen energy security through ASEAN Petroleum Security Agreement implementation, energy diversification, expanded renewables, and deeper regional power integration, alongside proposals to improve financial stability and food security systems. ASEAN also committed to safeguarding trade flows, advancing regional trade agreements, supporting Micro, Small, and Medium Enterprises (MSMEs), and strengthening supply chain connectivity.
Regional bodies have been tasked to implement these measures within the year under a unified ASEAN Community approach. The 48th ASEAN Summit and Related Meetings were held in Cebu from May 6 to May 8, under the theme Navigating Our Future, Together.
