Singapore will start storing Saudi Arabian crude oil in underground caves in the second half of next year. This is part of Saudi Arabia's plan to deal with supply disruptions caused by the US-Iran war. Minister of Energy, Trade and Industry Chen Shilong said in his speech at the Singapore International Energy Week conference on Monday that this batch of crude oil will be stored in the Jurong Caves. The facility is located in the petrochemical and refining center of Jurong Island in southern Singapore. “This arrangement will enhance the resilience of Saudi crude oil's supply chain in Southeast Asia, and will also help improve Singapore's energy security and ensure resilience when energy supply is interrupted,” he said. Saudi state-owned oil company Saudi Aramco CEO Amin Nasser said earlier this month that Riyadh is negotiating with foreign governments to allow Saudi Aramco to use local oil storage space. The Strait of Hormuz and the Red Sea, two main channels for Saudi crude oil exports, have been disrupted before, and a major Saudi oil pipeline and other energy infrastructure have also been attacked, prompting Saudi Arabia to take this action.

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