Japan planned to seek agreement with Asian partners on action plans to expand regional crude-oil reserves at a Japan-led meeting in the Philippines scheduled for October 8, 2026. Reuters reported the plan on October 6, before the meeting; an agreement had not yet been confirmed.
What Japan is proposing
The talks are part of POWERR Asia, a regional energy and resources resilience framework announced by Prime Minister Sanae Takaichi in April 2026. Reuters reported that Japan would discuss support measures with participating countries, aiming to agree on action plans to increase crude-oil reserves across the region at the AZEC ministerial meeting.
The proposal is a plan for coordination, not evidence that countries have already signed on to specific reserve targets or projects. As of October 7, 2026, the scheduled October 8 meeting had not taken place.
How POWERR Asia is intended to work
The initiative combines near-term help for energy procurement and supply chains with longer-term infrastructure and reserve measures. Japan’s Prime Minister’s Office transcript describes financing for crude oil and petroleum products, supply-chain continuity, stockpiling and release systems, and building or using storage tanks to expand the number of days of crude-oil reserves in the region.
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Takaichi said the framework would address both emergency response and structural measures, including “establishing stockpiling and release systems as well as the construction and utilization of storage tanks to expand the number of days of crude oil reserves within the region.”
POWERR Asia is broader than oil. The Japanese government’s April announcement also identifies critical minerals, energy diversification—including biofuels—and energy-saving initiatives. METI’s April 21 release describes financial cooperation with partner-country companies affected by the Middle East situation, including support for oil and petroleum-product procurement and affected supply-chain businesses.
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What the $10 billion figure means
Reuters described POWERR Asia as backed by $10 billion in financial support for energy procurement and stockpile expansion. That is the reported size of the support framework; it does not establish that the money has been fully allocated, spent, or disbursed.
Which countries are involved?
The October action-plan discussions were to involve AZEC participating countries, but the cited report does not specify country-by-country reserve commitments. Japan also planned a separate special session with Saudi Arabia and the United Arab Emirates to connect oil producers with Asian consumers and strengthen energy-system resilience. Reuters describes those two countries in connection with that producer-consumer session; it does not identify them as participants in the AZEC action-plan talks.
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Is there a 90-day reserve commitment?
Japan’s prime minister said the initiative was intended to align with the International Energy Agency’s 90-day stockpiling approach. That reference does not show that all participating countries agreed to a 90-day target, or establish how a regional reserve-days benchmark would be calculated.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is still pending
Before the scheduled meeting, the available statements and reporting did not establish whether participants would reach a final agreement. They also did not disclose country-level action plans, named storage projects, capacity commitments, how the reported $10 billion would be allocated, or a method for measuring any reserve-days target. The October 8 meeting was the next point at which the stated aim could be assessed.
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