In a statement South Korea’s Ministry of Commerce, Industry, and Energy (MOCIE) said, “[Lee] is travelling to Japan and the Philippines to discuss regional energy cooperation and measures to combat international crude price fluctuations.”
South Korea, which is the world’s fourth-largest crude importer and the sixth-largest consumer, has not raised its reserves since late 2003 due to budgetary constraints. It currently has 154 million bbl or around 106 days of consumption in reserves.
Lee is expected in Tokyo from 7-8 June to discuss a proposal with his Japanese counterparts on the formation of a panel of Asian oil importers, made up of South Korea, Japan, China, India and the Philippines, to tackle the Asian price premium slapped on by oil importers and to “seek joint responses to rising crude prices”.
“Lee will be in the Philippines between Jun 9-10 where is he expected to meet his counterparts from China and Japan and member countries of the Association of South East Asian Nations at the ASEAN + Three energy ministers’ meeting and APEC energy ministers meeting,” said MOCIE.
“The meeting will focus on enhancing energy cooperation in the region and on boosting oil reserves to protect against supply disruptions or price spikes,” added MOCIE, which also confirmed Lee would be meeting energy ministers from Myanmar, Philippines and Thailand to discuss joint oil-stockpiling options.
