Saudi Arabia Finalizes Deal to Store Crude Oil in Singapore's Jurong Rock Caverns

Saudi Arabia has agreed to store crude oil at Singapore's underground Jurong Rock Caverns starting as early as the second half of next year. The 150-meter-deep facility offers a capacity of 1.47 million cubic meters, or roughly 9 million barrels. The agreement expands Saudi Aramco's Asian footprint beyond existing sites in Japan and South Korea as the kingdom aims to double overseas storage. Riyadh is shifting its supply logistics to bypass shipping bottlenecks and maritime conflict in the Strait of Hormuz and Red Sea, following drone attacks on domestic energy infrastructure.