Saudi Arabia will store its oil in Singapore Saudi Arabia plans to start storing crude oil in Singapore's Jurong Rock caves from the second half of 2027 to strengthen supply security in the region, energy ministers from both countries said. Before the war, Asia imported two-thirds of its oil from the Middle East, so moving the reserves closer to the main consumer makes sense. Saudi Aramco will sign a memorandum of understanding with the Energy Market Authority and JTC Corp on Monday and aims to complete the negotiations within months. Located 150 meters (492 feet) underground, the rock caves on Jurong Island can store up to 1.47 million cubic meters, or about 9 million barrels, of liquid hydrocarbons. Saudi Aramco currently stores oil in Japan and South Korea, where local governments have priority rights to purchase supplies from reservoirs in case of unexpected shortages. In September 2017, as part of an agreement with the Japan Oil, Gas and Metals Corporation (JOGMEC), Okinawa's crude oil storage capacity was expanded to 8.2 million barrels. In 2023, Aramco entered into an agreement with Korea National Oil Company to store 5.3 million barrels of oil in South Korea's reserve storage facilities at the port of Ulsan for five years.

Saudi Arabia will store its oil in Singapore Saudi Arabia plans to start storing crude oil in Singapore's Jurong Rock caves from the second half of 2027 to strengthen supply security in the region, energy ministers from both countries said. Before the war, Asia imported two-thirds of its oil from the Middle East, so moving the reserves closer to the main consumer makes sense. Saudi Aramco will sign a memorandum of understanding with the Energy Market Authority and JTC Corp on Monday and aims to complete the negotiations within months. Located 150 meters (492 feet) underground, the rock caves on Jurong Island can store up to 1.47 million cubic meters, or about 9 million barrels, of liquid hydrocarbons. Saudi Aramco currently stores oil in Japan and South Korea, where local governments have priority rights to purchase supplies from reservoirs in case of unexpected shortages. In September 2017, as part of an agreement with the Japan Oil, Gas and Metals Corporation (JOGMEC), Okinawa's crude oil storage capacity was expanded to 8.2 million barrels. In 2023, Aramco entered into an agreement with Korea National Oil Company to store 5.3 million barrels of oil in South Korea's reserve storage facilities at the port of Ulsan for five years.