Singaporean refined oil production drops in March
- Sydney (27 April)
Singaporean oil refiners – who are major suppliers of Australian and New Zealand fuel – cut their petroleum output by 20% on the year in March, data from the Singapore Economic Development Board (EDB) show.
Singapore’s petroleum output fell in March because of feedstock supply disruptions, EDB said.
Over half of the country’s crude oil imports come from countries in the Middle East – which rely on the now-closed Strait of Hormuz – Singapore’s Home Affairs Minister, K Shanmugam, told Parliament on 7 April. But Singapore has been able to secure crude oil supplies from alternative sources, Shanmugam added.
Australian Prime Minister Anthony Albanese and Singaporean Prime Minister Lawrence Wong committed to oil and LNG cooperation on 10 April.
The two countries then negotiated a legally binding protocol on economic resilience and essential supplies on 17 April, their Foreign Ministers said. Singapore and Australia will endeavour not to adopt export restrictions on essential supplies between each other, they added.
Australian producers account for 32% of Singapore’s LNG imports, while Singaporean refiners account for 26% of Australia’s refined fuel imports, Prime Minister Albanese said at the time.
Australia has 44 days’ worth of gasoline reserves, 30 days’ worth of jet fuel reserves, and 33 days’ worth of diesel reserves on 21 April, data from the Ministry of Climate Change, Energy, the Environment, and Water show.
New Zealand and Singapore negotiated an Agreement on Trade in Essential Supplies in October 2025, including a pledge not to impose export restrictions on fuel, medical, and construction products, according to New Zealand’s Ministry of Foreign Affairs and Trade.
The two countries have not formally signed the agreement. But New Zealand Prime Minister Chris Luxon and Singaporean Prime Minister Lawrence Wong agreed to work under the agreement before Christmas, Luxon told reporters on 15 April.
Singaporean refiners supplied New Zealand with 32% of its petroleum imports in 2024, according to the Observatory of Economic Complexity. New Zealand, meanwhile, supports Singaporean food security, Prime Minister Wong said on 23 March.
New Zealand had 36 days’ worth of petrol reserves, 22 days’ worth of diesel reserves, and 25 days’ worth of jet fuel reserves in the country on 22 April, data from the Ministry of Business, Innovation, and Employment show.
By Avinash Govind