Saudi Arabia plans to store crude oil in the Jurong Rock Caverns, an underground rock cavern system 150 m deep in Singapore, from the second half of 2027, with Saudi Aramco set to sign a memorandum of understanding with EMA and JTC. The move aims to bring supply closer to Asian buyers after the US-Israel conflict with Iran disrupted energy shipments through the Strait of Hormuz, when about two-thirds of Asia's oil imports previously came from the Middle East. The caverns can hold up to 1.47 million m3 of liquid hydrocarbons, roughly 9 million barrels of crude and condensate. Aramco already stores oil in Japan and South Korea, while Japan is negotiating to expand regional oil reserves through the POWERR Asia initiative, backed by a US$10 billion financial package.
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