Iraq Gives Oil Assurances to South Korea

UPI reports that the Iraqi government has given assurances to South Korea that it could cover an oil shortage if sanctions against Iran disrupted supplies

In response to Western sanctions against Iran, South Korea is looking to replace the 10 percent of its crude oil that it gets from Iran.

South Korean officials said they received the assurances after meetings in the Baghdad between Cho Seok, the South Korean Vice Energy Minister, and Iraqi Deputy Prime Minister, Hussain al-Shahristani.

“The two sides concurred that 250,000 barrels of crude per day can be allocated to cover shortfalls if an emergency situation occurs,” the South Korean government was quoted by the country’s Yonhap news agency as saying.

(Source: UPI)

 

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