Asian nations consider stockpiling oil

Asian officials concerned that they pay too much for oil from the volatile Middle East met today to seek ways to cushion the blow of price shocks, and were expected to endorse more stockpiling of petroleum to stabilise their fuel supply.

Oil prices that recently peaked at €32 per barrel on the New York futures market are bad news for consuming nations, and energy ministers from around Southeast Asia and across the Pacific Rim are meeting today and tomorrow to ponder long-term solutions.