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Commodities

Saudi Arabia Vows to Meet Oil Demand as Prices Soar

Guavy AI Editorial Team
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Saudi Arabia has pledged to meet the oil needs of South Korea and other Asian nations, according to Arab News.

The kingdom's petroleum and mineral resources minister, Ali Al-Naimi, conveyed this position during talks with South Korean Knowledge Economy Minister Joong Kyung-choi.

South Korea ranks among the largest importers of Saudi oil, and the kingdom holds substantial investment in the Asian country's petroleum sector.

Oil prices climbed above $112 a barrel in New York on Friday, while Brent exceeded $126, following a weaker dollar and persistent concerns about shipments from major global oil suppliers.

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