Alarmed by soaring crude prices, five major Asian oil-consuming countries have agreed to try and team together to cope with a problem threatening the economic lifeblood of the region.

South Korea, China, Japan, India, and the Philippines have agreed to meet regularly in a bid to enhance energy cooperation to guard against supply disruptions or price spikes. The first round of the five-nation oil talks will be held by the end of the year in India.

The agreement emerged after the ninth International Energy Forum, a meeting between oil producers and consumers, which ended in Amsterdam on Monday.

The Ministry of Commerce, Industry and Energy said Tuesday the five Asian governments would discuss the so-called Asian price premium, joint oil-stockpiling and environmental regulations on energy.

Middle Eastern producers charge Asian consumers an extra $1 premium per barrel, as compared with western buyers.