Pacific rim economies prepare for energy crisis

Pacific rim economies prepare for energy crisis

Agence France-Presse, Manila

Pacific rim countries agreed on Friday to exchange information on oil data as part of guidelines to prepare for any energy disruptions, officials said.

The officials looked at measures to cope with energy problems, ranging from finding new sources of oil, new energy sources and security of supply in each country, Philippines Energy Secretary Vincent Perez said.

Energy officials of the 21-member Asia-Pacific Economic Cooperation (APEC) forum agreed to set up a "special chat-room" to exchange information on oil.

The ministers were also working on a system to exchange information on the oil industry, Perez told a news conference at the end of the meeting.

There was also a commitment that APEC countries would exchange information on setting up oil stockpiles, Perez said, noting that China was already planning its own national stockpile while the Philippines and Thailand were pushing for a regional facility.

An "oil stockpile forum" is being planned but a date for the meeting has not yet been set, Perez said.

There were also calls for more dialogue with the Organization of Petroleum Exporting Countries (OPEC) over oil prices and suggestions that Indonesia, the only country that is a member of both APEC and OPEC, host an OPEC meeting in East Asia, Perez said.

APEC comprises Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States and Vietnam.