RIYADH: Saudi Arabia said it was committed to ensuring world markets are supplied with oil after Crown Prince Mohammed bin Salman visited South Korea.
The Kingdom also confirmed its commitment to compensating for shortages that may occur as a result of any supply disruptions from other sources.
In a joint communique issued by Saudi Arabia and South Korea on Thursday, the Kingdom said that as “the world’s largest reliable source of oil,” it would make sure that oil markets were well supplied.
South Korea, the world’s fifth-largest importer of crude oil, depends on the Middle East for the vast majority of its supplies.
Asian countries have been worried about oil supply after two tankers were attacked in the Gulf of Oman this month. The attacks on the Japanese owned Kokuka Courageous and Norwegian Front Altair were blamed on Iran.
Saudi Arabia’s Crown Prince Mohammed bin Salman visited South Korea on Wednesday in a bid to strengthen economic ties between the two countries.
“Saudi Arabia, a key ally of South Korea, is the biggest oil supplier to our government and the largest economic partner among the Middle Eastern countries,” South Korean presidential spokeswoman Koh Min-jung said.
South Korea halted its Iranian oil imports in May as its waivers from US sanctions on Tehran expired.
The communique detailed the agreements made and meetings held by the two countries during the visit.
The countries signed an $8.3 billion economic cooperation pact that included a $6 billion deal between Saudi Aramco and the Korean company S-Oil to build an oil refinery and downstream petrochemical facilities in South Korea.
