Saudi Arabia to store crude oil in Singapore to bolster Asia supply security
Saudi Arabia and Singapore have announced plans to store Saudi crude oil in Singapore's Jurong Rock Caverns starting in 2027. This strategic partnership aims to bolster energy security in Asia following supply disruptions caused by regional conflicts.
Why it matters
Securing energy supply chains is a critical priority for Asian nations, especially given the volatility of Middle Eastern oil transit routes.
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.
"Saudi Arabia and Singapore are announcing our joint intent to establish an arrangement for Saudi crude oil to be stored at the Jurong Rock Caverns from the second half of 2027," Tan See Leng, minister for energy, trade and industry, told the Singapore International Energy Week conference.
"This arrangement enhances the resilience of the Saudi crude oil supply chain in Southeast Asia, as well as contributes to Singapore's energy security and resilience in the event of supply disruptions."
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