Saudi Arabia will store oil in Singapore Saudi Arabia has signed an agreement with the Singapore government to store crude oil in underground caves in the city-state, writes Bloomberg. The Saudi oil will be stored in Jurong Rock Caves, part of a petrochemical complex in southern Singapore, with shipments expected to begin in the second half of next year. The caves have a capacity of 1.47 million cubic meters of crude oil, condensates and other liquids, equivalent to 9 million barrels. "This agreement improves the resilience of the Saudi crude oil supply chain in Southeast Asia, and also contributes to Singapore's energy security and resilience in the event of supply disruptions," said the Singaporean Energy Minister. "Bringing supplies closer to the key Asian market will increase the flexibility of our supply network and strengthen Singapore's supply security and emergency preparedness," said Saudi Energy Minister Prince Abdulaziz bin Salman. "We see potential for further development of this cooperation. ".