SAUDI ARABIA TO STORE OIL IN SINGAPORE TO BOLSTER ASIA SUPPLY SECURITY

What happened: Saudi Arabia plans to store crude oil at Singapore's Jurong Rock Caverns from the second half of 2027, with Saudi Aramco set to sign a memorandum of understanding with the Energy Market Authority and JTC Corp. Key numbers: Storage capacity of 1.47 million cubic metres, or roughly 9 million barrels. Why it matters: The ministers said the arrangement strengthens supply chain resilience in Southeast Asia and Singapore's energy security during disruptions. The move follows the US-Israeli war with Iran disrupting supplies through the Strait of Hormuz.

Saudi Arabia plans to store crude oil at Singapore's Jurong Rock Caverns from the second half of 2027, with Saudi Aramco set to sign a memorandum of understanding with the Energy Market Authority and JTC Corp.

The ministers said the arrangement strengthens supply chain resilience in Southeast Asia and Singapore's energy security during disruptions. The move follows the US-Israeli war with Iran disrupting supplies through the Strait of Hormuz.