Japanese media report that Takagi aims to establish an Asian energy agency, but her self-proclamation as a "savior of oil" appears premature.

Japanese Media: Takagi Proposes Establishing an "Asian Version of the International Energy Agency"

According to a report by Yomiuri Shimbun on the 15th, Saiko Takagi has decided to propose the establishment of an "Asian version of the International Energy Agency (IEA)" as a framework for oil procurement cooperation during the Asia Zero Emissions Community (AZEC) Summit scheduled for July 17 in Manila, Philippines. She will also introduce a new concept: establishing oil reserves within Japan for Southeast Asian nations.

Several Japanese government officials have disclosed the plan. Amid rising tensions in the Middle East that have intensified energy supply and demand pressures, Takagi first announced Japan-led energy procurement support measures—termed "Asia Power"—during a meeting linked to AZEC in April. This latest proposal represents the second phase of that initiative.

The proposed "Asian Oil Security Working Group," officially named the Asian version of the IEA, aims to welcome participation from ASEAN Secretariat member states. Beyond sharing information on oil markets and reserves, it will collect and analyze data intended to stabilize markets. Plans include developing rules for emergency release of strategic oil reserves and inter-member oil exchange mechanisms.

The secretariat will be hosted by the East Asia and ASEAN Economic Research Institute (ERIA), funded by Japan. At the AZEC Summit, Takagi also intends to establish a new Tokyo office of the International Energy Agency—headquartered in Paris—which would play a central role in the operations of the Asian IEA.

The IEA was founded in 1974 in response to the first oil crisis. Member countries are required to maintain oil reserves sufficient for 90 days of consumption.

Given deteriorating conditions in the Middle East, the IEA conducted its largest-ever oil reserve release in March. Southeast Asian nations are not members. Japan, a founding member since the IEA’s inception, seeks to lead an Asian-oriented IEA to promote tailored procurement cooperation across Asia, addressing supply instability risks stemming from oil resource shortages.

At the AZEC Summit, Takagi also proposed coordinated efforts with ASEAN to develop joint oil reserve management mechanisms, building on an initiative originally put forward by the Philippines. The concept envisions a “voucher system,” under which oil stored in Japanese facilities would be managed on behalf of participating nations, who would pay routine storage fees in exchange for priority purchase rights.

The Japanese proposal aims to reduce the costs and time required for individual member states to build their own reserve infrastructure. Japan would benefit from ongoing maintenance and operational oversight of the storage facilities.

Takagi also intends to leverage this initiative to advance the launch of the "Free and Open Indo-Pacific (FOIP)" strategy in May, aimed at strengthening ties with Southeast Asian countries.

Original source: toutiao.com/article/1881880960004224/

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