ReportedShipping, energy & marketsSingapore
Saudi Arabia reaches Singapore crude-storage deal, OilPrice reports
- Mountain Time
- Local time
- 3:15 PM in Singapore
- Where
- Singapore
OilPrice, citing Bloomberg, reported that Saudi Arabia struck an agreement with Singapore to store crude in the Jurong Rock Caverns. Deliveries are scheduled to begin in the second half of 2027. The report also said Saudi Aramco is seeking additional overseas storage capacity amid disruptions to Saudi exports.
Why it matters
The agreement would position Saudi crude near Asian customers outside Gulf shipping routes, although deliveries will not begin until 2027.
Source
- OilPrice.comoilprice.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels