Putrajaya, 14 August 2026: ERIA President Tetsuya Watanabe met with YB Tuan Haji Akmal Nasrullah bin Haji Mohd Nasir, Minister of Economy of Malaysia, to discuss regional oil stockpiling and practical measures to strengthen ASEAN energy security.

The meeting focused on ERIA’s draft ASEAN Regional Oil Stockpiling Strategy and its potential implementation through a regional pilot project. President Watanabe noted that recent disruptions in the Strait of Hormuz underscored the need for stronger mitigation plans and more co-ordinated regional responses to future energy shocks.

Both sides acknowledged the high cost of oil stockpiling and stressed the importance of regional approaches that complement national efforts. Malaysia’s ongoing work on the commercial and operational aspects of stockpiling was also highlighted as an important contribution to the broader ASEAN discussion.

The leaders emphasised the need for clear mechanisms to determine how stockpiles would be activated, including trigger mechanisms, co-ordinated response procedures, and arrangements that respect national sovereignty. They also reaffirmed the importance of upholding existing ASEAN frameworks, including the ASEAN Petroleum Security Agreement and the ASEAN Framework Agreement on Petroleum Security.

President Watanabe shared ERIA’s plan to conduct a joint study with the ASEAN Centre for Energy on how to operationalise the ASEAN Petroleum Security Agreement. The study is expected to generate practical lessons for future implementation and support regional energy resilience.

The discussion also addressed the importance of estimating costs, ensuring voluntary and commercial participation, and incorporating pilot-project design into ASEAN’s broader energy security agenda. The meeting concluded with shared interest in advancing practical work ahead of the ASEAN Ministers on Energy Meeting in October.