IEA and ASCOPE Discuss Asian Oil, Energy Security; Set up Regular Information Exchange

News

The International Energy Agency (IEA) and the ASEAN Council on Petroleum (ASCOPE) organised a seminar on 26 and 27 May in Kuala Lumpur to discuss Asian oil and energy market in the global context and energy security. After an exchange of views and sharing of experiences on energy security from both sides, the need for further co-operation was underlined by the two sides:

  • to consolidate and maintain links established at this seminar through various activities;
  • to exchange regularly information, including statistics, on energy supply and demand, especially oil, to enhance market transparency;
  • to share real-time information during oil emergencies;
  • to update and advise each other, as appropriate, on the development of energy security measures.

Participants, including representatives from Korea and India, agreed that Asia’s increasing role on the world energy scene and increasing dependence on external energy sources carry significant implications for energy security, not only in the region, but the world.

The discussion in the Malaysian capital was the first joint seminar between the IEA and ASCOPE. The IEA has been paying particularly close attention to global energy security, especially in Asia. The region – including Japan, Korea, China and India – imports 60% of its oil. That figure is projected to rise to almost 90% in 2020, with a corresponding increase in Asian vulnerability to any oil supply interruption.

ASCOPE membership includes the following countries: Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.