Joint oil reserve move from 3 countries after the crisis in Hormuz: Target 2027

ASEAN members Indonesia, Thailand and the Philippines, backed by Japan, have agreed to build a shared petroleum reserve system under which gasoline and diesel will be stockpiled in Indonesia and Thailand and drawn on by the Philippines in emergencies. The plan, prompted by the Strait of Hormuz crisis, targets an early 2027 launch. The arrangement matters because it would give Southeast Asia a coordinated buffer against supply shocks rather than relying on separate national stocks. What to watch next is whether the three governments finalize storage sites, funding and release rules in time to meet the 2027 target.