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via finance.yahoo.comBusiness & Companies

Saudi Arabia turns to Singapore for oil storage

FROM THE WIRE · FINANCE.YAHOO.COM

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…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bullishOverseas crude storage and the Gulf and Red Sea conflict support the oil supply outlook.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01Saudi Arabia struck a deal with Singapore to store crude in the Jurong Rock Caverns.
  2. 02Deliveries to the caverns are set to begin in the second half of next year.
  3. 03The caverns have a capacity of 1.47 million cubic meters, equivalent to 9 million barrels.
  4. 04Latest Houthi attacks on Saudi infrastructure over the weekend included oil facilities.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
Saudi Arabian Oil Company2222.SRStock25.62 n/a-0.23%today +1.75%Positive Crude Oil WTICOMMODITY:WTICommodity101.09 USD-0.03%today -2.11%Positive
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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