Lee Won-Gul, South Korea’s vice-minister for commerce, industry and energy, said the proposed stockpiles would be in Southeast Asian countries and could use crude from the region’s producers, such as Indonesia and Malaysia, or from Middle East producers.

“Separate and unconnected energy policies have made it difficult... Now is timely for Asean to take action and build co-operation — the first step would be joint oil stockpiles,” he said, after meeting Asean energy ministers in the Laotian capital.

However, Asean did not mention oil stockpiles in its communique on Thursday, which focused on energy security through cutting oil dependency with greater efficiency, domestic biofuels and clean coal co-operation.

“It needs considerable financial commitment. Countries could stockpile with members who have existing storage,” Lee added. He said South Korea was ready to support such stockpiles with its experience and technology for underwater storage.