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Asia looks to lift oil reserves
Asia, which consumes almost another of the world's oil, may boost imports for emergency reserves after prices surged to some record on concerns terrorist attacks may disrupt supply from the Middle East.
An Asian emergency oil reserve, with a capacity of half a billion barrels, would require about $US15 billion ($A21 billion) in investment alone to grow it with crude oil priced at $US30 a barrel, said Damien Criddle,[url=http://woolrichoutletde.albirank.net/][b]Woolrich Outlet[/b][/url], an attorney at Baker McKenzie in Hong Kong,[url=http://rogervivieroutlet.webmium.com/][b]Buy Roger Vivier Shoes In[/b][/url], who specialises in gas and oil.
"It's a significant capital undertaking,[url=http://cheapsoccercleatswithfreeshipping.webmium.com/][b]http://cheapsoccercleatswithfreeshipping.webmium.com/[/b][/url]," he said. Japan,[url=http://monclerjackedeutschland.albirank.net/][b]http://monclerjackedeutschland.albirank.net/[/b][/url], China and South Korea may help fund the reserve because "it's in their interest to see their neighbours stable".
Officials from Japan,[url=http://rogervivieroutlet.webmium.com/][b]roger vivier australia store[/b][/url], South Korea and China, and also the 10- member Association of SouthEast Asian Nations are holding talks now on increasing stockpiles at meetings in Manila to go over energy security.
The center East makes up about a lot more than 80 per cent of Asia's oil imports, based on a Bloomberg survey of 10 traders in the area.
Oil futures in New York rose to $US42.45 a barrel last Wednesday, the greatest price in additional than 20 years, after a panic attack in Saudi Arabia that targeted oil companies and residential compounds.
Crude oil prices averaging more than $US35 a barrel this season would shave at least 1 percentage point from Asian economic growth, Ong Keng Yong, secretary general of ASEAN said last week.
ASEAN includes Indonesia, Thailand,[url=http://duveticavestesfr.halod.com/][b]Doudoune Duvetica[/b][/url], Malaysia,[url=http://duveticavestesfr.halod.com/][b]Doudoune Duvetica Femme online shop duvetica vestes paris boutique[/b][/url], Singapore, the Philippines,[url=http://woolrichoutletde.albirank.net/][b]Woolrich Damen Parka[/b][/url], Brunei,[url=http://duveticavestesfr.halod.com/][b]http://duveticavestesfr.halod.com/[/b][/url], Cambodia, Laos,[url=http://cheapsoccercleatsonlinestore.blogspot.com/][b]http://cheapsoccercleatsonlinestore.blogspot.com/[/b][/url], Burma and Vietnam.
Higher oil prices raise costs at businesses just a few fuels,[url=http://woolrichschweizshop.albirank.net/][b]http://woolrichschweizshop.albirank.net/[/b][/url], such as the airline industry. Jet fuel prices reached $US48.65 a barrel on May 17,[url=http://woolrichschweizshop.albirank.net/][b]Woolrich Parka Winter Woolrich Online Shop Schweiz Sale Die Gute Qualität Woolrich[/b][/url], the highest since 1990. The International Air Transport Association said over the past weekend that airlines worldwide would lose around $US3 billion combined on international routes this season by having an average crude oil cost of $US36 a barrel.
The reserve guarantees supply once the cost of crude is high.
PURNOMO YUSGIANTORO, Indonesian Energy Minister "Against the setting of uncertainty and tensions in some from the oil-producing countries, namely in the centre East,[url=http://cheapsoccercleatswithfreeshipping.webmium.com/][b]cheap soccer cleats for sale[/b][/url], security of oil supplies is becoming more urgent," said Yang Razali Kasim of the Institute of Defence and Strategic Studies in Singapore. "This is especially so since many ASEAN members are oil consumers."
The Philippines might build more oil storage tanks in Subic Bay included in plans by South-East Asian countries to expand a regional stockpile, Energy Minister Vincent Perez said on Monday. "We're ready to provide the Subic Bay, which currently has three million barrels capacity,[url=http://discountparajumperssaleonlinestore.webmium.com/][b]2013 Parajumpers Jackets On Sale Parajumpers Parka Coat Online Store[/b][/url]," Mr Perez said. "So far, Thailand is easily the most responsive on the plan."
Indonesia is seeking investors to assist develop a national oil reserve about the island of Lombok,[url=http://rogervivieroutlet.webmium.com/][b]roger vivier australia store Buy Roger Vivier Shoes In Roger Vivier UK Online Shop[/b][/url], said Energy and Mineral Resources Minister Purnomo Yusgiantoro. "The reserve guarantees supply when the price of crude is high. When price is low we can buy crude and products and store it in our reserve to be used when price is high," he said.
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