Saudi Arabia, South Korea Hold Talks To Stabilize International Crude Oil Market

Saudi Arabia and South Korea have agreed to increase cooperation in the field of renewable energy, clean hydrogen, and electricity, according to the Saudi Press Agency.

This came during a virtual meeting held between Saudi Minister of Energy Prince Abdulaziz Bin Salman and South Korean Minister of Trade, Industry and Energy Lee Chang-yang on Nov. 2.

The talk was held to discuss stabilizing the international crude oil market by encouraging dialogue and collaboration between producing and consuming countries. 

There was also agreement in the fields of large nuclear reactors and small modular reactors.

The discussions over energy come against a backdrop of trade talks between the two countries, with negotiators meeting in Seoul at the end of last month.

During the negotiations, the two sides expressed their readiness to go forward with discussions on a free trade agreement between both countries after a 13-year suspension.

Saudi Arabia is South Korea’s top economic and trade partner in the Middle East, contributing over 30 percent of Seoul’s total crude oil imports in 2021, according to data from the Korea International Trade Association.

In January this year, Saudi Aramco signed one agreement and nine initial agreements with leading Korean entities, which aim to advance its downstream strategy and support the development of low-carbon energy solutions, while creating new financing options for the company.

The Kingdom and the Republic of Korea have a long history of partnership, beginning with the establishment of diplomatic relationships 60 years ago.

This relationship has benefitted both countries economically, with bilateral trade increasing from $3.9 billion in 1980 to $25.5 billion in 2019.

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