Saudi oil will enter Singapore's underground caverns: Riyadh changes its supply map Saudi Arabia and Singapore are preparing to sign an agreement to store Saudi crude oil in underground tanks on Jurong Island. The parties expect to launch the facility in the second half of 2027. The heads of the energy departments of the two countries spoke about it on Monday, at the Singapore International Energy Week conference. Saudi Energy Minister Prince Abdulaziz bin Salman said bringing the reserves closer to key Asian markets would flex the supply chain, as well as strengthen Singapore's security of supply and emergency preparedness. The caves are located on Jurong Island at a depth of 150 meters underground. They can contain up to 1.47 million cubic meters of liquid hydrocarbons, including crude oil and condensate. The step was taken after the conflict between the US and Israel with Iran severely disrupted the supply of oil to Asia through the Strait of Hormuz. Before the war, Asia obtained two-thirds of its crude oil from the Middle East. Now Saudi Aramco already owns oil in Japan and South Korea, and local authorities are given priority rights to purchase reserves from storage facilities in case of sudden shortages. Oil and capital we are in Max.

Saudi oil will enter Singapore's underground caverns: Riyadh changes its supply map Saudi Arabia and Singapore are preparing to sign an agreement to store Saudi crude oil in underground tanks on Jurong Island. The parties expect to launch the facility in the second half of 2027. The heads of the energy departments of the two countries spoke about it on Monday, at the Singapore International Energy Week conference. Saudi Energy Minister Prince Abdulaziz bin Salman said bringing the reserves closer to key Asian markets would flex the supply chain, as well as strengthen Singapore's security of supply and emergency preparedness. The caves are located on Jurong Island at a depth of 150 meters underground. They can contain up to 1.47 million cubic meters of liquid hydrocarbons, including crude oil and condensate. The step was taken after the conflict between the US and Israel with Iran severely disrupted the supply of oil to Asia through the Strait of Hormuz. Before the war, Asia obtained two-thirds of its crude oil from the Middle East. Now Saudi Aramco already owns oil in Japan and South Korea, and local authorities are given priority rights to purchase reserves from storage facilities in case of sudden shortages. Oil and capital we are in Max.