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Saudi Arabia to store 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. The move comes after the US-Israeli war with Iran severely disrupted energy supplies to Asia shipped through the Strait of Hormuz, prompting countries to draw down inventories and raising concerns about stockpile levels globally. Oil drops from near six-month highs on hopes Iran war hostilities to ease Asia imported two-thirds of its oil supplies from the Middle East before the war. “Sa...
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