Saudi Arabia plans to store its crude in underground caverns on Singapore's
Jurong Island from H2 2027 to strengthen regional supply security, Saudi and
Singapore energy ministers said on Monday. The announcement, made at Singapore
International Energy Week, comes as the US and Israel's war with Iran has
severely disrupted Strait of Hormuz flows; before the conflict about two-thirds
of Asia's crude came from the Middle East. ARAMCO will sign an MoU on Monday
with Singapore's Energy Market Authority and Jurong Group, with negotiations
targeted to conclude within months.