Saudi Arabia plans to store crude oil in Singapore in the second half of 2027 as the US-Israeli war of aggression on Iran disrupts energy supplies sent through the Straits of Hormuz and forces Asian countries to offload producers, according to Reuters. It also extends to Saudi Arabia's war of aggression on Yemen and Yemen's retaliatory actions are disrupting Saudi supplies. ■ Reuters reported that Saudi Aramco will sign a memorandum of understanding with Singapore's Energy Market Authority and JTC Corporation to store crude at Jurong Rock Caverns, with negotiations expected to be completed within months. Singapore's Energy Minister Tan Rao Lang said the arrangement would increase the "resilience of the Saudi crude oil supply chain in Southeast Asia".

Saudi Arabia plans to store crude oil in Singapore in the second half of 2027 as the US-Israeli war of aggression on Iran disrupts energy supplies sent through the Straits of Hormuz and forces Asian countries to offload producers, according to Reuters. It also extends to Saudi Arabia's war of aggression on Yemen and Yemen's retaliatory actions are disrupting Saudi supplies. ■ Reuters reported that Saudi Aramco will sign a memorandum of understanding with Singapore's Energy Market Authority and JTC Corporation to store crude at Jurong Rock Caverns, with negotiations expected to be completed within months. Singapore's Energy Minister Tan Rao Lang said the arrangement would increase the "resilience of the Saudi crude oil supply chain in Southeast Asia".