SINGAPORE PERSPECTIVE

Channel News Asia publishes the pool's most in-depth article: 20,000 characters tracing Singapore's oil shock history since 1973. The parallel is explicit: in 1973, Singapore's growth dropped from 11% to 4%, inflation jumped from 2% to 22%. In 2008, oil hit $147 per barrel. In 2022, the Ukraine war pushed inflation to 6.1%. The article details Singapore's current resilience: decades of source diversification, strategic reserves, forward contracts. But CNA identifies the gaps: Singapore generates 95% of its electricity from natural gas, and LNG contracts are oil-indexed. Ride-hailing apps Tada and Gojek raise surcharges to support drivers. The article concludes Singapore 'is holding up for now' but needs to accelerate its long-term energy transition. The tone is that of a technocrat taking inventory: no panic, no drama, but an honest assessment of vulnerabilities. Singapore is the only country in the pool to use the crisis as a lesson for the future rather than a present emergency.