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Saudi Arabia to store crude oil in Singapore to bolster Asia supply security

SINGAPORE: Saudi Arabia plans to store crude oil at Singapore's Jurong Rock Caverns from the second half of 2027 to strengthen supply security in the region, energy ministers from both countries said on Monday.

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沙特阿拉伯将在新加坡储存原油,以增强亚洲石油供应安全。

Aramco has been seeking outside capital to fund the kingdom’s ambitious diversification agenda amid mounting fiscal pressure. — Reuters

SINGAPORE: Saudi Arabia plans to store crude oil at Singapore's Jurong Rock Caverns from the second half of 2027 to strengthen supply security in the region, energy ministers from both countries said on Monday.

The move comes after the US-Israeli war with Iran severely disrupted oil supplies to Asia shipped through the Strait of Hormuz. Asia imported two-thirds of its crude oil supplies from the Middle East before the war.

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