Saudi Arabia and Singapore plan oil storage in Jurong caverns

Saudi Arabia and Singapore have announced plans to keep Saudi crude in the Jurong Rock Caverns, a commercial underground storage site on Singapore’s Jurong Island, beginning in the second half of 2027. The first formal step is a memorandum of understanding involving Singapore agencies and Saudi Aramco, so the arrangement remains proposed rather than operational. Keeping some barrels near major Southeast Asian buyers could make Aramco’s regional supply chain less vulnerable to shipping or other disruptions, while giving Singapore oil it could draw on if its own supplies were interrupted. The announcement did not say how much crude would be stored or disclose commercial terms, leaving those details for the next phase.