Saudi Arabia’s Singapore plan: How Riyadh aims to protect Asian oil supplies from 2027

The kingdom has planned to store crude oil at Singapore's Jurong Rock Caverns after oil supplies to Asia were severely choked in the Strait of Hormuz due to the US-Iran war (Photo: Reuters). Saudi Arabia plans to store crude oil in Singapore from the second half of 2027, energy ministers from both countries announced on Monday, as a move to bolster energy supply security in the region.The kingdom has planned to store crude oil at Singapore's Jurong Rock Caverns after oil supplies to Asia were severely choked in the Strait of Hormuz due to the US-Iran war. Before the war, nearly two-thirds of Asia's imported oil came from the Middle East, Reuters reported."Saudi Arabia and Singapore are announcing our joint intent to establish an arrangement for Saudi crude oil to be stored at the Jurong Rock Caverns from the second half of 2027," Singapore's energy, trade and industry minister Tan See Leng said at the Singapore International Energy Week conference.Tan said the arrangement would strengthen the resilience of Saudi Arabia's crude oil supply chain in Southeast Asia while enhancing Singapore's energy security and preparedness for supply disruptions. He further announced that Saudi Aramc...