ASEAN leaders to create shared fuel reserve for future crises

Impact of Iran war and Myanmar crisis dominate regional summit

ASEAN leaders pose during the opening ceremony of their summit in Cebu, the Philippines, on May 8.  © Reuters

CEBU, Philippines -- Southeast Asian leaders on Friday said they intend to develop a shared fuel reserve that member states can access in times of crisis, such as the current Iran war, to cushion the impact of spikes in oil prices.