Saudi Aramco moves to store crude oil in Singapore As shipping disruptions in the Gulf deepen Saudi Aramco has ended plans to store crude oil in Singapore from the second half of 2027 to protect its Asian supply network from ongoing maritime blockades. The agreement, announced jointly by the Saudi and Singaporean energy ministers, will use Jurong's underground rock caverns to buffer buyers in Southeast Asia from systemic delays in shipments. The strategic decision follows data compiled by the Washington Institute for Near East Policy showing that October is the worst month for commercial shipping attacks near the Strait of Hormuz and the Strait of Bab al-Mandab. The head of the International Energy Agency (IEA), Fatih Birol, warned today at the industry conference in Singapore that global energy markets will not return to pre-war balance until 2027. Birol emphasized that governments and energy corporations must now treat supply chain resilience as a necessity and not as a temporary emergency response. Officials confirmed that Aramco will sign a formal memorandum of understanding with the Energy Market Authority of Singapore and JTC Corporation to operate the facility, ensuring continuous supply across Southeast Asia even during prolonged regional blackouts.

Saudi Aramco moves to store crude oil in Singapore As shipping disruptions in the Gulf deepen Saudi Aramco has ended plans to store crude oil in Singapore from the second half of 2027 to protect its Asian supply network from ongoing maritime blockades. The agreement, announced jointly by the Saudi and Singaporean energy ministers, will use Jurong's underground rock caverns to buffer buyers in Southeast Asia from systemic delays in shipments. The strategic decision follows data compiled by the Washington Institute for Near East Policy showing that October is the worst month for commercial shipping attacks near the Strait of Hormuz and the Strait of Bab al-Mandab. The head of the International Energy Agency (IEA), Fatih Birol, warned today at the industry conference in Singapore that global energy markets will not return to pre-war balance until 2027. Birol emphasized that governments and energy corporations must now treat supply chain resilience as a necessity and not as a temporary emergency response. Officials confirmed that Aramco will sign a formal memorandum of understanding with the Energy Market Authority of Singapore and JTC Corporation to operate the facility, ensuring continuous supply across Southeast Asia even during prolonged regional blackouts.