Saudi Arabia to Expand Asian Crude Oil Storage in Singapore Amid Supply Disruptions

Saudi Arabia plans to utilize Singapore's Jurong Rock Caverns for crude oil storage starting in the second half of 2027. This strategic move aims to bolster regional supply security and enhance the resilience of its crude oil supply chain, particularly in response to ongoing disruptions to energy supplies to Asia, including those affecting shipments through the Strait of Hormuz. Saudi Aramco is expected to sign a memorandum of understanding with Singapore's Energy Market Authority and JTC Corporation today.