Saudi Arabia will store crude oil in Singapore starting in 2027 to strengthen Asia's oil supply security
Saudi Arabia plans to store crude oil in Singapore starting in the second half of 2027. The facility can hold 1.47 million cubic metres of liquid hydrocarbons. Before the war, Asia imported two-thirds of its crude oil from the Middle East. The Saudi energy minister said the arrangement would bring supplies closer to key Asian markets.
- Saudi Arabia plans to store crude oil in Singapore starting in the second half of 2027.
- Singapore's rock caverns can hold up to 1.47 million cubic metres of liquid hydrocarbons.
- Asia imported two-thirds of its crude oil supplies from the Middle East before the war.
- Saudi energy minister stated the arrangement would bring supplies closer to key Asian markets.
- Saudi Aramco will sign a memorandum of understanding with Singapore's Energy Market Authority and JTC Corp.
Outlets: Business Recorder, China Labour Bulletin, Financial Times, The Business Standard (BD), The Economic Times, Times of India (Top)
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