Impact of G7 Price Cap Policy on Crude Oil on Singapore's Oil and Gas Industry

Mr Shawn Huang Wei Zhong asked the Minister for Trade and Industry whether the G7 policy to put a price cap on crude oil has any impact on Singapore's oil and gas industry.

Given that Russian crude oil accounted for only 2% of Singapore's crude oil imports on average from 2017 to 2021, we do not expect the G7's price cap policy to have a significant direct impact on our Energy and Chemicals sector. We have also not received feedback from companies adversely affected by this policy.

We have nevertheless issued an advisory for companies to consider any potential impact on their operations that may arise from the policy. This advisory can be found on the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) websites.