Oil Stockpiling Roadmap

Background
In the 5th AMEM+3 that was held in Thailand on 7th of August 2008, the ASEAN+3 recognized the necessity of oil stockpiling initiatives in the light of persistent risks of supply disruptions and highly volatile oil market. The Ministers of ASEAN+3 welcomed the activities for the development of the Oil Stockpiling Roadmap (OSRM) to facilitate and encourage all member states to further improve oil stockpiling initiatives, considering prevailing high prices, volatility in the international oil markets and risks of supply disruptions.

Overall Objective
By 2020 every member country in the ASEAN+3 has a common best-practice on Oil Stockpiling to execute effective ways in the ultimate stronghold of energy security.

Secretariat
The ASEAN Centre for Energy (ACE) and the Japan Oil, Gas and Metals National Corporation (JOGMEC) as co-secretariat with working group members from all ASEAN+3 Member Countries.