Saudi Arabia brings oil reserves closer to Asia Saudi Arabia will create a new oil storage center in underground reservoirs in Singapore, the new storage facility will hold up to 9 million barrels. The project is scheduled to start operating in the second half of 2027 and will allow Asian countries to receive faster supplies in case of supply interruptions through the Strait of Hormuz. This is not Riyadh's first foreign oil deposit. Saudi Aramco already stores oil in Japan and South Korea, and the United Arab Emirates has similar arrangements in India. Following the crisis in the Middle East, the exporting countries are moving more and more of their stock to key markets. What about Russia? Russia has no foreign strategic oil storage facilities similar to Saudi projects in Japan, South Korea or Singapore. In Belarus, Kazakhstan and China, Russia exports oil by pipeline and rail, uses commercial terminals and containers, but has no known strategic state-owned reserves abroad. Russian companies have historically relied on their own infrastructure within the country and export pipelines. But other times have come. Apparently thinking about such a system in September, Russia took the first step in this direction: Zrovezneft and PetroVietnam signed a framework agreement to create a strategic oil reserve in Vietnam. If the project goes ahead, it will become the first known foreign strategic oil storage facility in Russia.