SINGAPORE: Given the stabilisation in global oil prices and oil production capacity in Saudi Arabia returning to normal, the drone attacks on two Saudi oil facilities last month will likely have “limited” impact on the Singapore economy, said Senior Minister of State for Trade and Industry Koh Poh Koon on Monday .
Amid anxiety over supply shortages and the possibility of a new threat to the global economy, global oil prices spiked immediately after the attacks.Prices retreated only after Saudi Arabia and the United States pledged to maintain a steady supply of oil, and the benchmark Brent crude has since stabilised at around US$59 per barrel as of Oct 2, said Dr Koh.
Still, Dr Koh said the incident is a “useful reminder” about the importance of energy security, especially given ongoing tensions in the Middle East. First, the country’s sources of crude oil and gas are diversified to ensure continuous supply even in face of disruptions.
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