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Saudi Aramco to Store Crude in Singapore by 2027

By Drooid · Oct 26, 2026, 6:19 PM UTC · How we work

Summary

Story summary

Saudi Arabia and Singapore said Saudi Aramco will store crude oil in Singapore from the second half of 2027.
Brent futures fell to $114.70 a barrel, down 1.7 % at 10:37 a.m. ET Monday.
WTI fell to $100.71 a barrel, down 2.5 % at the same time.
Houthi forces said they hit Saudi Arabia’s East-West pipeline and King Khalid Airport.
IEA chief Fatih Birol warned markets may not reach pre-war levels by 2027.

History

Historical Context

The 1973 Arab oil embargo, launched by OPEC members in October 1973, halted U.S. shipments and spiked global oil prices dramatically. During the crisis, Saudi Arabia and allies cut output by 5 million barrels per day, driving Brent to roughly $3 per barrel. Now, Saudi Aramco will store crude in Singapore from late 2027 as Houthi strikes hit the East-West pipeline, pushing Brent to $114.70, echoing supply shocks. The 1973 precedent shows geopolitical disruptions can depress prices and compel producers to diversify logistics, shaping IEA chief Fatih Birol’s forecasts through 2027.

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Story summary

Saudi Arabia and Singapore said Saudi Aramco will store crude oil in Singapore from the second half of 2027.
Brent futures fell to $114.70 a barrel, down 1.7 % at 10:37 a.m. ET Monday.
WTI fell to $100.71 a barrel, down 2.5 % at the same time.
Houthi forces said they hit Saudi Arabia’s East-West pipeline and King Khalid Airport.
IEA chief Fatih Birol warned markets may not reach pre-war levels by 2027.

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