Facing Global Oil Supply Crisis, Singapore Forms Special Committee

Prime Minister of Singapore Lawrence Wong has stated that a crisis committee has been formed to update emergency response plans amid energy supply disruptions caused by conflicts in the Middle East.

“To coordinate the national response, I have formed the Domestic Crisis Ministers’ Committee. The team has begun working to update existing contingency plans and develop new ones given the unprecedented situation,” said Wong on Thursday (2/4).

Wong noted that the committee is chaired by Minister Coordinator for National Security K Shanmugam, with Deputy Prime Minister Gan Kim Yong acting as advisor.

He added that if key energy sources and supply routes in the Middle East remain limited in the long term, the consequences will be severe.

“This is not just about higher prices. We could face a global energy shortage that disrupts daily life and production activities and pressures the global economy,” said Wong.

On 28 February, the United States and Israel launched attacks on several targets in Iran, including in Tehran, causing damage and killing civilians.

Iran retaliated by attacking Israeli territory as well as US military facilities in the Middle East.

The escalation of conflict in the region has caused a de facto blockade of the Strait of Hormuz, the main shipping route for oil and liquefied natural gas from Gulf countries to global markets.

The situation has also affected oil exports and production in Gulf countries and driven up global energy prices.