Saudi Arabia Turns to Singapore for Oil Storage

Saudi Arabia has struck a deal with the Singaporean government to store crude oil in underground caverns in the city-state, Bloomberg reported today. The report follows the latest Houthi attacks on Saudi infrastructure over the weekend, which included oil facilities among their targets. The Saudi crude will be stored in the Jurong Rock Caverns, which are part of a petrochemical complex in southern Singapore, with deliveries to the caverns set to begin in the second half of next year. The caverns have a capacity of 1.47 million cu m of crude oil,…