SEOUL (Commodity Online): Saudi Arabia has eased South Korea's energy concerns by pledging to compensate for any loss of crude oil supplies from Iran. South Korea is one of the largest oil importers in the world.
"Regarding oil supply-demand, we will meet any request and additional demand from South Korea”, senior presidential press secretary Choe Geum-nak quoted Saudi Arabian Petroleum and Mineral Resources Minister Ali al-Naimi.
The US has been pressuring South Korea to ban its oil imports from Iran, after certain reports alleged the Middle-East nation of developing nuclear weapons. But given that S Korea meets its energy requirements through imports and with Iran being a major supplier of crude oil to the country, S Korea was seeking exception to the US ban.
The latest assurance from Saudi Arabia will therefore ease S Korea's energy concerns.
