Singapore Tries to Keep Asia’s Oil Flowing
The Financial Times recently examined Singapore’s pivotal role as Asia’s energy trading hub, reporting on the severe strain the Middle East conflict is placing on regional supply chains.
With the ongoing Middle East conflict straining supply chains and raising fears over access through the Strait of Hormuz, Singapore is now navigating its most intense stress test yet. Trading houses are working around the clock, force majeure notices have been issued, and the government has moved to shore up strategic reserves through new bilateral agreements with New Zealand and Australia.
Baldev Bhinder, Managing Director of Blackstone & Gold, warned: “The oil business is very relationship-driven. These guys have been buying and selling from one another for years, but at some point when losses mount up, they will start suing each other.”
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