Iraq to Store Crude in Korea

By John Lee.

Oil minister Abdul Kareem Luaibi [Elaibi] has told reporters that Iraq plans to store 4 million barrels of crude oil in South Korea.

According to a report from Reuters, he said that the oil was to be stored in Korea "to be near the markets - the Asian markets".

The Wall Street Journal says that Korea will have "preferred rights" to use the oil in case of emergency.

The oil is to be delivered into storage this year or early next year.

(Sources: WSJ, Reuters)