Seoul gets assurances on Saudi oil

Saudi Arabia pledged to increase oil exports to South Korea to make up for the lack of Iranian crude, the government in Riyadh said. South Korean President Lee Myung-bak is on a three-day tour of the Middle East. Seoul is looking for economic protection against the fallout from a decision to back away from Iranian crude. "Regarding oil supply-demand, we will meet any request and additional demand from South Korea," the Saudi government was quoted by South Korea's official Yonhap news agency as saying. South Korea depends on imports to meet its entire demand for oil. Iranian crude had made up about 10 percent of South Korea's imports. Lee is also to visit leaders from Qatar and the United Arab Emirates. Oil exports from those countries, combined with those from Saudi Arabia, account for about half of South Korea's total oil needs. Lee said the national economy was able to grow despite the global recession. How to remain resilient, he said, was a top priority. "At the time of the 2008 crisis when all other countries saw their economies contract, we surprised the world with growth," he was quoted as saying. "If we overcome the global crisis in 2012 again, the status of our country will rise."