Saudi Arabia and the United Arab Emirates have pledged to make up for any shortfall in Iranian oil exports to South Korea, the country's Minister of Strategy and Finance Bahk Jae-wan said Monday.
Saudi Arabia and the United Arab Emirates have pledged to make up for
any shortfall in Iranian oil exports to South Korea, the country's Minister of
Strategy and Finance Bahk Jae-wan said Monday.
"
Saudi Arabia
promised to provide more oil than now if things get worse... and so did the UAE,"
Bahk told reporters on a visit to the
United
Arab Emirates
. "So I think this is
sufficient for us in order not to feel the gap if the Iranians (reduce oil
supplies)," the minister added.
He said
South Korea
has
yet to decide on reducing imports from
Iran
. And
he declined to specify the amount of oil promised by
Saudi
Arabia
and the UAE. "There is
no specific figure yet," he said.
The
U.S.
has
been pressing
South Korea
and
other Asian countries to curb their purchases of Iranian oil, as
Washington
tightens
sanctions against the Islamic Republic over its nuclear program. During a visit
to
New Delhi
on
Monday, U.S. Secretary of State Hillary Clinton praised
India
for
starting to reduce its oil purchases from
Iran
, and
said there are adequate supplies in the market for
India
to
make further cuts.
South Korea
is
worried about the effect of rising oil prices on its economy and has been
urging the
U.S.
and
other major countries to release strategic oil reserves to counter any major
increase in crude prices.
Bahk said
South Korea
has
also been promised increased supplies from
Oman
,
though the two countries have yet to reach a written agreement.
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