Commercial Stockpiling: An Alternative for Joint Stockpiling of Oil in North East Asia
As an alternative to strategic joint stockpiling of oil, which requires a long-term approach, this study suggests commercial joint stockpiling options that can be immediately adopted in North East Asia (NEA). More specifically, this study introduces the status quo of joint stockpiling in NEA, reviews European cases of joint stockpiling, and proposes three options for commercial joint stockpiling in NEA with the participation of Gulf Cooperation Council (GCC) countries. The options include (1) expanding the current type of joint stockpiling between an NEA country and a GCC company, (2) encouraging companies of NEA and GCC to reserve oil stock in a foreign NEA country, and (3) participating in oil hub projects of NEA.
KeywordsStorage Facility International Energy Agency Energy Security Gulf Cooperation Council Energy Cooperation
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