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Saudi oil storage in Singapore caverns

🇸🇦🇸🇬 Saudi Arabia is stashing its oil in giant caves 150 meters under Singapore. Starting in the second half of 2027, Saudi crude will be stored in Singapore's Jurong Rock Caverns, which can hold roughly 9 million barrels. The goal is to keep oil flowing to Asia if the Strait of Hormuz gets choked off again, after the Iran war threw supplies into chaos. Before the war, Asia got 2/3 of its oil from the Middle East. Singapore will be the 3rd Asian country to store Saudi crude, after Japan and South Korea. When the main road keeps getting blocked, you start parking your oil closer to the customers. Source: Reuters / Writer: Julie

1h

Jolyon@jolyon

Seguir

Saudi oil storage in Singapore caverns

🇸🇦🇸🇬 Saudi Arabia is stashing its oil in giant caves 150 meters under Singapore. Starting in the second half of 2027, Saudi crude will be stored in Singapore's Jurong Rock Caverns, which can hold roughly 9 million barrels. The goal is to keep oil flowing to Asia if the Strait of Hormuz gets choked off again, after the Iran war threw supplies into chaos. Before the war, Asia got 2/3 of its oil from the Middle East. Singapore will be the 3rd Asian country to store Saudi crude, after Japan and South Korea. When the main road keeps getting blocked, you start parking your oil closer to the customers. Source: Reuters / Writer: Julie

1h