RIYADH, Saudi Arabia (AP) – Saudi Arabia’s oil minister says cooperation is necessary between oil producing and consuming nations for the stability of crude markets at a time when concerns abound over Iran’s threats to close the vital Strait of Hormuz.
The official Saudi Press Agency said Ali Al-Naimi’s comments came Sunday during a meeting with South Korea’s ambassador to the country.
South Korea is concerned about stability of oil supply after the U.S. approved new sanctions targeting Iran’s central bank and, by extension, its oil exports, in a new effort to pressure Tehran over its disputed nuclear program. Iran has warned it could close the strait if sanctions affect its oil exports.
South Korea’s president is slated to visit Saudi Arabia as part of a four nation Mideast tour this month.