Saudi Arabia plans to store crude oil in Singapore from the second half of 2027

Reuters, published by The Economic Times, reports that Saudi Arabia and Singapore announced a joint intent to store Saudi crude at Jurong Rock Caverns from the second half of 2027. Singapore’s energy minister said the arrangement would strengthen the Saudi supply chain in Southeast Asia and bolster Singapore’s resilience to supply disruptions. He said Saudi Aramco would sign a memorandum of understanding with Singapore’s Energy Market Authority and JTC Corp.